Purchase of Four wheeler for personal use - (New or second-hand)
MAX. AMOUNT / ELIGIBILITY / MARGIN
- Maximum Rs. 75.00 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/-.
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/-
Which ever is lower among 1 , 2 & 3.
B. Pre–owned (second-hand not more than 3 years old)
- Maximum Rs. 30.00 lakh.
- As per Repayment capacity
- 60% of the valuation of the vehicle
- 60% of Agreement value.
Which ever is lower among 1, 2, 3 & 4. REPAYMENT
- New :Upto 84 months
- Pre-owned vehicles :Upto 36 months.
Rate of Interest CLICK HERE
A. New Vehicle
a) Private Cars :Upto Rs.15.00 Lakh : 10%
Above Rs.15.00 Lakh to Rs.75.00 Lakh :20%
b) Two Wheelers Nil
(Not more than three years Old)
i) Private Cars : 40% of valuation/ Agreement value whichever is lower subject to maximum Rs.30.00 Lakh.
Applicant – As per extent Shareholdings Norms
Loan up to Rs. 25.00 lakh - Nominal Membership, Rs. 100/-.
Loan above Rs. 25.00 lakh - Regular Membership Rs.1000/-
One Surety with Net Salary /Income of Rs. 12,000/- p.m.
Salaried family members can be accepted.
No Surety for Loans to the Proprietor,Partners,Directors and Trustees of the Firms/Companies/LLP/Trust who enjoy credit facilities with us and their all credit facility accounts are standard.
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.
Hypothecation of vehicle
Insurance Policy must be assigned in favour of our Bank.
As per extent Shareholdings Norms
0.50% upto 31.12.2018