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)
Which ever is lower among 1, 2, 3 & 4.
- Maximum Rs. 30.00 lakh.
- As per Repayment capacity
- 60% of the valuation of the vehicle
- 60% of Agreement value.
- 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 – 2.5 % of Loan amount
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.
1.15% of sanctioned limit + applicable GST