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Purpose
To purchase for own use:
- New Car/Van/Jeep
- Used Car/Van/Jeep
- New two-wheelers
Eligibility
a. Salaried persons who are permanent employees of:
- State/Central Government
- Public Sector Undertakings/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)
Income:
For purchase of car/van/jeep
Annual income of Rs.1.20 lacs (sufficient proof required).
For purchase of two-wheelers
Minimum net monthly income of Rs.5000/- with necessary proof.
(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.)
Age
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.
Quantum
For purchase of Car/Van/Jeep:
20 times Net Monthly Income or
New Vehicle : 80% of the cost of the vehicle. (Maximum: Rs.10.00 lacs)
Used Vehicle : 60% of the cost of the vehicle as assessed by an approved automobile engineer (Maximum: Rs. 5.00 lacs)
For purchase of new two-wheelers:
Not exceeding 6 times the net monthly income or 75% of the cost of the vehicle with a Minimum of Rs.10,000/- & Maximum of Rs.50,000/-
Margin
For new car/van/jeep: 20% of invoice value.
For used car/van/jeep: 40% of the value assessed by an approved automobile engineer.
For two-wheelers: 25% of the cost of the vehicle.
Security
Hypothecation of the vehicle purchased.
Interest Rate
New four wheelers/two wheelers : BPLR-1% (PER: 14.50% p.a.)
Used four wheelers : BPLR+1.50% (PER: 17.00% p.a.)
Repayment period ( Maximun)
New four wheelers: 60 months
Used four wheelers: 36 months
New Two-wheelers: 48 months
Loan processing fee
1% of the loan amount, subject to:
Minimum: Rs.500/- for four wheelers & Rs.250/- for two wheelers.
Maximum: Rs.3000/-.
Delivery Channel
Select Branches
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