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CENT Vehicle |
Eligibility
All individuals of age 18 years and above who are
- Permanent salaried employees of Central / State government / Local self government / Defence staff / employees of PSU / Large Corporates / reputed establishments.
- Self-Employed Persons / Independent Entrepreneurs who have regular source of income.
- Farmers irrespective land holding engaged in production oriented agricultural activities and in other allied activities.
- Staff of our bank.
Purpose
To purchase two wheeler (Scooters, Mopeds, Motor Bikes) and four Wheeler (Car, Jeep, Utility Vehicle) solely for the purpose of personal use. The finance can also be extended for purchase of old / second hand cars which should not be older than 3 years and have expected residual life of minimum 10 years
Quantum of Finance:
Salaried Persons:
24 months gross monthly salary on the basis of last salary drawn
Other individuals:
2 times average annual income as per Income tax return of last three years.
However the maximum loan amount should not exceed Rs.10.00 lakhs.
Margin:
15% in case of new vehicles.
40% in case of old vehicles.
Repayment
In case of New Vehicle:
For four wheelers = Maximum 84 months
For two wheelers = Maximum 48 months
In case of Old Vehicle:
Up to 2 years old = Maximum 36 months
More than two years old = Maximum 24 months
Processing Fees
1% of the loan amount subject to minimum of Rs.250/-.
Rate of Interest
If loan is repayable up to 36 months = BPLR - 2.5%
If loan repayable beyond 36 months =BPLR - 1.5%
In case of old / second hand vehicles =BPLR
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