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| For purchase of new/used car/van/jeep and new two-wheelers. |
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a. Salaried persons who are permanent employees of:
State/Central Government
Public SectorUndertakings/Corporations
Private Sector Companies of Repute
Reputed Establishments
b. Professionals and Self Employed persons.
c. Businessmen
d. Agriculturists (with minimum land holding of 8 acres of irrigated land) |
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An annual income of Rs. 1.20 Lacs for purchase of car/van/jeep
A minimum net monthly income of Rs. 5000/- for purchase of two-wheelers.
Note: Income from other sources like rent from properties, commission, interest, dividend, etc., including the income of the spouse/other family members, may be included provided these are from verifiable sources. |
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Minimum: 21 years as on the date of application
Maximum: 55 years for all types of borrowers as on the date of maturity of the loan. |
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For purchase of Car/Van/Jeep:
20 times Net Monthly Income
or
80% of the cost of the vehicle subject to a maximum of Rs.10.00 Lacs for a New Vehicle
or
60% of the cost of the vehicle as assessed by an approved automobile engineer subject to a maximum of Rs. 5.00 Lacs in the case of a Used vehicle which ever is lower
For purchase of new two-wheelers: 6 times the net monthly income
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20% of invoice value for a new car/van/jeep
40% of the value assessed by an approved automobile engineer for a used car/van/jeep
25% of the cost of the vehicle for two-wheelers |
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| Hypothecation of the vehicle purchased. |
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New vehicles: Base Rate + 2.00% (PER: 13.00% p.a.)
Used 4-wheelers: Base Rate + 4.50% (PER: 15.50% p.a.) |
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New car/van/jeep : 60 months
Used car/van/jeep : 36 months
New Two-wheelers : 60 months
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| 1% of the loan amount, subject to: Minimum: Rs.500/- for four wheelers & Rs.250/- for two wheelers. Maximum: Rs.3000/-. |
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| Available at selected branches. |
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