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. 12000/- & Maximum of Rs. 20000/-
For Two Wheelers = 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs. 9000 & 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
- 60% of the valuation of the vehicle or agreement value whichever is lower.
Which ever is lower among 1, 2, 3 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. 15,000 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.
One Surety for Electric Two Wheeler ( Scooter & Bikes)
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.