Frequently Asked Questions

Yes, a lump sum payment can be made. You may speak with your NCB representative in order to make any changes to your loan structure, such as reducing the loan principal balance or a combination of loan principal balance, change in loan tenure, and/or monthly payment.

A letter of undertaking (LU) is the bank guarantee given by one bank to another or to the car dealer/vendor on behalf of the customer for payment of loan proceeds.

Yes, you can use the equity or value you have in your home to access a Home Equity loan from NCB to finance your motor vehicle.

Yes, you can apply for an auto loan.

New vehicles are defined as vehicles purchased directly from a new car dealership.

While we do not have a specific minimum salary requirement, your loan application may be declined if you do not satisfy the bank’s salary eligibility requirements for obtaining finance. In such circumstances, applying with a co-applicant may increase your chances of being approved for an auto loan.

It is recommended that you inquire about any fees or charges that apply to your loan. The most common fees charged by banks to customers include a loan-processing fee, which is usually a percentage of the loan amount, as well as stamp duty and credit report charges. Additionally, there are fees associated with registering and insuring the vehicle.

Your auto loan provides an optional monthly savings component, and customers are encouraged to include minimum monthly savings while paying off the loan. This savings amount will be maintained until the loan is fully paid. Withdrawals from this account are only allowed for amounts exceeding the loan balance.

Auto loans do not include the cost of insurance, which must be paid at the time of purchasing the vehicle. You must purchase your motor vehicle insurance separately. However, if you obtain financing through NCB, NCB Insurance Agency can offer a special package for your motor vehicle insurance.

Getting an auto loan is easy and there are two ways to apply: Apply online by clicking on the “Apply Now” button on our website. You can log in with your NCB Personal Online Banking credentials, or complete the form as a guest. Then, upload the required documents and submit your application. A sales representative will contact you within one business day to complete the process. You may also visit any branch island-wide by scheduling an appointment at www.jncb.com/branches.

Yes, you can get an approval letter before choosing your vehicle. This ‘Auto-Approval’ letter is available for the purchase of new motor vehicles from a certified new car dealer. It is valid for 30 calendar days and indicates an approval limit and loan tenure.

After submitting your application, you will receive an update on the status within 24 hours via email or phone call from your branch representative, who will also guide you through the next steps. If your application is approved, you will be asked to sign the necessary security documents. After completing the document signing process and paying the required fees, the Letter of Undertaking will be sent directly to the dealer.

If you are a permanent employee, you must have successfully completed your probationary period and been confirmed in your current position. However, if you are a contract or commission-based employee, at a minimum, you must have worked continuously for at least 12 months. Other terms and conditions may apply.

Yes, you can. Self-employed persons must have been operating a business for at least 24 months to be eligible for a car loan.

Check out the Document Checklist and select your status to view the list of documents that you need to provide along with your application for approval.

No, a valid driver’s licence is required.

Yes, joint financing for a car loan is possible.

Yes, NCB will process a car loan application for an overseas applicant. Please see the checklist for the additional documents required in this case.

NCB offers a loan facility designed for the purchase of NEW and USED motorcars, SUVs, pickup trucks and mini-vans to be registered for private or personal use only.

Yes, refinancing of an existing auto loan is available.

NCB provides up to 100% financing for both new and pre-owned motor vehicles up to 7 years old. Enter the manufactured year and cost of the vehicle you intend to purchase into the loan calculator, and it will display the minimum deposit amount, maximum loan repayment duration, applicable interest rate, and monthly installment amount.

The maximum loan amount is determined by your ability to repay and the year the vehicle was manufactured. You may refer to the affordability calculator or the vehicle age table.

You can make payments through Salary Deduction or Salary Assignment. Salary Deduction allows your employer to deduct the loan payment from your salary monthly and deposit it to an NCB account. Salary Assignment allows NCB to take the loan payment directly from your NCB salary account.

If only vehicle particulars change, such as colour, and the make, model, and loan amount remain the same, a new proforma invoice may be sufficient. If the loan amount changes, a new application and assessment are required. If you are no longer interested, the transaction can be deferred if the Letter of Undertaking was not handed to the dealership/individual and the transfer was not completed.

No, there is no penalty for early repayment. The loan interest is calculated up to the date of repayment.

Yes, the minimum age requirement is 18.

Public-sector workers are expected to complete repayment by age 65. Private-sector employees are expected to complete repayment by age 60, or 65 if they receive a letter from their employer confirming a retirement age of at least 65. Self-employed individuals can complete repayment at age 75.

Financing will not be extended for the purchase of imported used vehicles that are known to be “Damaged” or “Rebuilt”.

Yes, a second lien is available to public sector employees for motor vehicle financing with specific terms and conditions.