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Vehicle Loan Scheme |
Purpose
For purchase of New Cars / Jeeps and 2 wheelers.
In case of second hand four-wheeler, vehicles upto 3 years old.
Eligibility
(I) Salaried persons, permanent in service / professional / businessmen having minimum Gross income as shown below.
4 Wheelers: Rs. 1.20 Lakh per annum
2 Wheelers: Rs. 0.50 Lakh per annum
(II) Minimum employment: For Service Persons: Minimum 3 years in employment and minimum 2 years in the current organization.
For Others: He/She must be in the business/profession for at least 3 years.
(III) Individuals should be Income Tax assessee(s).
Amount of Loan Salaried employees In case of Proprietorship/ Partnership firm & Company
18 times of monthly Gross emoluments 1.50 times of average annual Income as per their last three Balance - Sheet/ P & L account.
Maximum ceilings:
For 2 wheelers Rs. 1.00 lakh
For 4 wheelers Rs. 25.00 lakh
Margin
For new Vehicle: 10 %
For Second Hand Vehicle: 40%
Rate of interest
Click here to view the Interest Rate
Security
Hypothecation of the vehicle to be purchased and one guarantor acceptable to the Bank.
Repayment
For New Vehicles For Second Hand Four Wheelers
For 2 wheelers: 60 months
For 4 wheelers: 84 months
Maximum Repayment period is proposed at 60 Months
Total deductions including proposed loan instalment should not exceed 60% of Gross Income.
Processing fee
For Two wheelers: Rs.500/-
For Four Wheelers: Rs.2000/-
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