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SyndVahan |
Purpose
To buy new / second hand 4-wheeler or new 2-wheeler
Eligibility
Persons having minimum annual income of Rs. 1 lakh for 4 wheeler and Rs.50000/- for 2 wheeler.
Quantum
4-wheeler (New):
95% of on-Road price (inclusive of insurance, Road Tax and Registration Charges) plus accessories (max. 10000/-) or 3 times gross annual income, whichever is less, for new 4 wheelers
4-wheeler (Old):
70% of value of the Car or 3 times gross annual income or Rs. 3.00 lakhs, whichever is less.
Note:
Income of spouse/ major children will also be considered for purpose of determining eligibility and quantum of loan.
New 2-wheeler:
95% of on-Road price (inclusive of insurance, Road Tax and Registration Charges) of the new two wheeler and accessories (max. Rs.500/-) or 12 months gross salary, whichever is less, subject to a maximum of Rs.60000/- for all category of new two wheelers.
Repayment
72 / 48 months for new/old 4 wheelers and 60 months for new 2 wheelers.
Rate of interest
In order to give further competitive advantage and based on prevailing market trends, Bank decided to revise interest rates on SyndVahan scheme with effect from 01.03.2007 as follows.
Rates of Interest
| S.No. |
Quantum of Finance |
Rate of Interest(% p.a. compounded monthly) |
| 1 |
Loans upto Rs.2.50 lacs |
12.00% |
| 2 |
Loans above Rs.2.50 lacs |
13.00% |
The revised rates as above are applicable for all fresh loans disbursed on or after 01.03.2007.
Requirements
Salary Certificate or
ITAO for non-salaried class/property documents where ITAO is not available
Proforma invoice
Third party guarantee acceptable to the bank
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