Please
refer to the Prudential Regulations for Consumer Financing
as amended from time to time.
2)
It has been decided to allow financing of car older than
five years and up to nine years. Accordingly, Prudential
Regulation O-8 of Consumer Financing has been amended
as below:
“REGULATION
O-8”
The
banks/DFIs desirous of financing the purchase of used
cars shall prepare uniform guidelines for determining
the value of the used vehicles. In no case the bank/DFI
shall finance the cars older than nine years. However,
cars older than five years and upto nine year can only
be financed subject to the condition that complete repayment
of financing is restricted within 12 years of such car
age.
3)
Please acknowledge receipt.