PURPOSE
Purchase of Four wheeler for personal use - (New or second-hand)
MAX. AMOUNT / ELIGIBILITY / MARGIN
A. NEW
Private Cars
- Maximum Rs. 50.00 lakh.
- 90% / 80% of vehicle quotation for purchase of vehicle including Show Room Price, One time tax, Insurance & Registration charge.
- Loan Eligibility = (Repayment capacity X 100000 )/ EMI for Rs. 1,00,000/-.
Commercial Vehicle :-
- Maximum Rs. 50.00 lakh.
- 85 % of vehicle quotation for purchase of vehicle including Show Room Price, One time tax, Insurance & Registration charge.
- Loan Eligibility = (Repayment capacity X 100000 )/ EMI for Rs. 1,00,000/-.
Wherein,
Repayment Capacity = Net monthly Income – (Less) minimum Take home Pay – (Less) Other Loan deduction.
Minimum Take Home salary/ Income = 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs. 10000/- & Maximum of Rs. 20000/-
For Two Wheelers = 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs. 6000 & Maximum of Rs. 20000/-
Which ever is lower among 1 , 2 & 3.
B. Pre–owned (second-hand not more than 3 years old)
- Maximum Rs. 25.00 lakh.
- As per Repayment capacity
- 50%/60% of the valuation of the vehicle
- 50%/60% of Agreement value.
Which ever is lower among 1, 2, 3 & 4. REPAYMENT
C. Loans for CNG/LPG Conversion for Tempo/Truck/Bus. Maximum Rs.1,40,000/-.
Repayment -
- New :Upto 84 months
- Pre-owned vehicles :Upto 36 months.
- Pre-owned buses : Upto 48 months.
Rate of Interest CLICK HERE
MARGIN
A. New Vehicle
a) Private Cars :Upto Rs.15.00 Lakh : 10%
Above Rs.15.00 Lakh to Rs.50.00 Lakh :20%
b) Two Wheelers Nil ( Up to Rs.2.00 Lakh ) & 10 % for above Rs.2.00 Lakh.
c) Commercial Vehicle - 15%.
B.Used Vehicles
(Not more than three years Old)
i) Private Cars : 40% and for Commercial vehicles- 50 % of valuation/ Agreement value whichever is lower subject to maximum Rs.25.00 Lakh.
MEMBERSHIP
Applicant – As per extant Shareholdings Norms
Sureties --
Loan up to Rs. 25.00 lakh - Nominal Membership.
Loan above Rs. 25.00 lakh - Regular Membership.
SURETIES
Vehicle Loan ( Commercial) - One Surety with Net Salary /Income of Rs. 25,000 and above p.m.
Loans for Private Vehicles and 3 Wheelers/Taxi/Auto Rickshaw/School Vans- One Surety with Net Salary /Income of Rs. 12,000 and above p.m.
Salaried family members can be accepted.
No Surety for existing Housing Loan/Secured Loan borrowers wherein facilities are covered by prime/collaterals and repayment track record is good and all credit facilities accounts are standard.
No Sureties for individual borrower having net income/Salary more than Rs. 50,000 & above p.m.
SECURITY
Hypothecation of vehicle
INSURANCE
Insurance Policy must be assigned in favour of our Bank.
SHARE LINKAGE
As per extent Shareholdings Norms
SERVICE CHARGES
As per Service Charges Manual.