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Car / Vehicle Loan Scheme |
Purpose
- For purchase of new two-wheeler / motorcar of any make for private use or professional or business use.
- For purchase of second hand / used two-wheeler / motorcar of not more than 5 years old.
Eligibility
- Salaried persons satisfying the following conditions
a. Individual aged between 21 years and 60 years
b. He / She is a permanent employee of :
State / Central Government, the Defence / Police force or Autonomous Body.
A public sector / joint sector undertaking or a Corporation.
Reputed Public Limited Company.
An established education institution / aided college / school.
Any private establishment.
c. He / She has a minimum service, so as to ensure that the entire liability is liquidated at least one year prior to his / her retirement.
d. He / She should have sufficient net take home salary to service the present the loan applied for.
- Corporate Clients & Partnership Firms
Quantum of Loan
- Loan up to 80% of the cost / invoice value of the vehicle including accessories and registration expenses can be approved in case of new vehicles.
- In case of second hand / used vehicles (not exceeding five years) 50% of the market value given by the Approved valuer / Govt. valuer which ever is less.
Rate of Interest (with effect from 15.02.2008)
| Period Slab |
Rate of interest per annum (Floating) |
| Repayable upto 3 years |
10.50% [BPLR - 2.50 %] |
| Repayable beyond 3 but upto 7 years. |
11.00% p.a. [BPLR - 2.00 %] |
(Above rates is applicable for Individuals and Corperate clients/Partnership Firms)
Repayment
Entire loan has to be repaid with interest in not more than 60 equated monthly instalments.
Security
Hypothecation of vehicles purchased out of bank finance. HP is to be got noted in RC book issued by the RTA.
Insurance
The vehicle purchased out of bank finance is to be comprehensively insured to its full value with Bank´s Clause.
Guarantor
A person acceptable to the Bank will be taken as Guarantor. |
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