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 :
Our existing corporate customers, their directors and employees
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
Salaried Person : Minimum gross monthly income of Rs. 25,000/-
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. 15,000/= and above.
Firm/ Companies: Net profit is sufficient to meet repayment of Car Loan
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 3 times of Net Annual Income / Net Annual Salary.
Income of spouse / father/ mother/ son/ unmarried daughter can also be clubbed, provided he/she/they become the co-borrower
No of vehicle :
No restriction in the maximum number of cars that can be financed to Individuals, Partnership Firms and Companies.
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
For Loan up to Rs. 20 Lac :
Spouse should be a co-borrower if his/her income is considered for eligibility. No Collateral, No guarantee.
For Loan above Rs. 20 Lac :
Guarantee of one person and Collateral security in form of FDR/NSC/KVP etc. or Mortgage of House/Flat.
If margin offered is more than 25%, no guarantee and collateral security is required.
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