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Car / Vehicle Loan Scheme |
Purpose
For purchase of new scooter/motor cycle/ car/jeep etc. (Non commercial use – to be registered as Private vehicle)
Eligibility
For two wheelers - Rs. 6,000/- p.m (Gross Salary)
For cars - Rs.10,000/- p.m (Gross Salary).
Amount of Loan
30 months Net take home Salary/Income subject to the condition that net take home salary after deduction of proposed loan instalment should not be less than 40% of the gross salary. Income of the spouse can also be considered if spouse agrees to guarantee the loan. In case of existing house loan borrowers, net take home salary should not be less than 30% of gross salary after payment of the proposed loan instalment.
Maximum Loan Ceiling
For two wheelers - 90% of the cost of two wheeler including registration charges, insurance and road taxes.
For new cars - Rs.10 lacs.
Security:
Hypothecation of the Vehicle & Personal Guarantee(s) required.
Margin
For two wheelers - 10%
For cars -15%
Process Fee
0.50% of loan amount with minimum of Rs. 500/-.
Repayment:
| For Two Wheeler |
60 months (maximum) |
| For New Car / MUV |
84 months (maximum) |
In case of employee, subject to remaining period of service/ repayment capacity.
For second hand Cars : Maximum Rs.7.50 lacs
margin @ 20.00% under TVS(True Value Scheme) and 30% for Non TVS @ PLR+0.50% for repayment upto 36 months and PLR+1% for repayment above 36 months.
*PLR of our bank with effect from 16/04/2007 is 13.25% per annum. |
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