CAR LOAN SCHEME

PURPOSE                 

For   purchase of new Car/Jeep/MUV/SUV.

For   purchase of used car/jeep, / MUV/SUV not more than 5 years old.

For reimbursement of cost of car/jeep/ MUV/SUV, not more than 2 years old.

ELIGIBILITY :    

AGE                                       :        21 – 65  Years

Minimum Income                   :        Rs. 100000/- p.a. (For small car, Loan upto 3 lacs.)

                                                       Rs. 150000/- p.a (For medium and premium segment cars)

 

Permanent employees of State/Central Govt./ PSUs/ Corporations, Private Sector Companies, reputed establishments.

Professionals, self-employed and others who are income tax assesses.

Persons engaged in agriculture & allied activities.

LOAN AMOUNT:    

30 times the net monthly income for Salaried Person.

2.5 times net annual income in case of others as per latest Income Tax Return.

No ceiling for New Vehicles. Maximum loan amount for used vehicles Rs. 15 lacs.

Income of the spouse can be clubbed provided the spouse guarantees the loan.

Regular income from all sources can also be included subject to satisfactory proof of income.

EMI/NMI Ratio should not exceed 50%

SECURITY: 

1.Hypothecation of the vehicle and noting of hypothecation  charge in the books of RTO.

2. Guarantee of spouse, if his/her income has been taken into account for computing eligibility of loan amount.

3.No other security to be obtained.

4. In NRI Car loan scheme guarantee of NRI will be obtained as the loan is granted at the request of the NRI guarantor to the borrower and NRI undertakes to guarantee the repayment of the loan to the bank. 

MARGIN:     

a)  For Loan amount up to Rs.6 lacs

15%

b)  For Loan amount above Rs.6 lacs

15%

 

INTEREST RATE:   CLICK HERE 

REPAYMENT:                     

For new vehicles:                      Max.84 months

For old vehicles   : within 84 months from the date of original sale

 INSURANCE:  

Comprehensive, with the Bank’s clause.
Life Insurance of the borrower is also available on concessional premium.

PROCESSING FEE: 0.50% of the loan amount subject to minimum of Rs. 500 and maximum of Rs. 10,000

Take over of loans & loans against existing Car (upto 2 years of age) also available)

 
DOCUMENTS REQUIRED:

Latest Salary Certificate showing all deduction & Form 16 of previous year.

Identity & Address Proof.

Verification of signature and last six months Bank Statement of the account where salary is credited.

Copy of Invoice.

2 passport size photographs of borrower/ guarantor.

Copy of Income Tax Returns for last 2 financial year.