Purpose

• Purchase of new Vehicle for personal use/official use
• Purchase of pre-owned vehicle, not more than 3 years old
• The term Vehicles includes : Car, Van, JEEP, Multi Utility Vehicles (MUVs).

Target Group

• Salaried persons, Professionals & Self-Employed, Businessmen,  Firms, Companies ,  Agriculturist  and Pensioners of Central, State Govt. and our Bank  having regular income to liquidate the loans

Eligibility(Income)

• Salaried Person: Minimum gross monthly income of Rs.15, 000/-
• Agriculturist: Minimum 5 acres of irrigated land holding
• Professional & Self-Employed / Businessmen: An IT assesee. With full collateral security, IT assessment order / IT return may be waived.
• Retired individuals: Drawing monthly pension of Rs 15000/= and above.
• Firm/ Companies: Net profit is sufficient to meet repayment of Car Loan

Margin

• For New Vehicle: 15% of the cost of vehicle on Road (i.e. one time registration + first time Road tax & insurance charges etc.).
• For Pre-owned Vehicle –85% of the “Agreed Purchase Price” as valued by Approved Automobile Valuer or 60% of the Valuation of the Vehicle, whichever is lower.

Eligibility (Service Period of Applicant/ Repayment Age/Age of Firm & Company)

• Salaried Person: The loan should be repaid at least three months before the date of retirement from service.
• Other than Salaried person: Repaid before attaining the age of 70 years.
• Firm/ Companies: should be existent for at least 2 years.

Loan Limit

• Maximum of 2 times of Net Annual Income / Net Annual Salary.
• Income of spouse / father/ mother/ son/ unmarried daughter can also be clubbed 

No of vehicle

• Maximum number of Car Loans available:
  Partnership Firms -10
  Companies – 15

Click here for Rate of interest

Click here for Processing Fees, Prepayment Penalty, Documentation Charges, Mortgage and other charges

Security In both cases (New / Pre-owned Vehicle)

• Primary :  Hypothecation of Vehicle
• Collateral :
  • Guarantee of the Spouse if his / her income is considered
  • For loans Upto Rs. 10.00 lac Guarantee of one person of means and standing
  • For loans above Rs. 10.00 lac
  • Pledge of FDR/NSC/KVP etc. and/or assignment of Life Insurance Policy,
    Or
  • Mortgage of House/Flat
    Or
  • Partly by immovable property and partly by liquid security.

Repayment Period

For New Vehicle:

• Individuals: Maximum 84 Months
• For Firm/ Companies: Maximum 60 Months

For Pre-owned Vehicle:

• Maximum 60 months / Residual life of the vehicle, whichever is lower.

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