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Dream Car

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 :

  • 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
  • Eligibility (Income)


  • 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
  • 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 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

  • Collateral :
  • 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