Purpose
Purchasing new & used four wheelers and new two wheelers for private use.
Loan Amount
For Individuals Rs 250 Lakhs
For Corporate/Group loans Rs750 Lakhs
Eligibility
Residents - Minimum take home salary after meeting all monthly loan commitments including that of the proposed loan should be more than Rs.7500.
NRIs - monthly income not less than Rs 20,000.
Deductions including the proposed loan within 50 % of salary.
Spouse’s income can be clubbed.
If agricultural income is considered, the borrower should own at least 2.5 acres of land with yielding cash crops.
In the case of used vehicles 75 % on lower of depreciated /market / purchase value only eligible.
Period
New Vehicles (other than two wheelers) - 60 months
Used Vehicles - 60 months
New two wheelers - 48 months
Rates & Interest
Please refer rates & charges page
Repayment
Equated Monthly Installments.
Co-obligants
Residents - Spouse.
Security
Hypothecation of vehicle to be acquired out of the loan amount.
Collateral security is not required for loans up to Rs.10 L and loans to Educational institutions & Corporates.
Conditions for used vehicles
Depreciation using Straight Line Method @ 15% for the first year and @ 10% for subsequent years.
Part of the year shall be counted as one year.
Age of vehicle not more than 3 years