- Lower EMIs (Equated Monthly Installments)
- Lower interest rates
- Longer repayment period
- Faster processing
- Transparent charges
- Can be availed for buying new as well as used four wheelers and new two wheelers
Zero Collateral Loans
No collateral security for loans up to Rs 10 lac
60 Month Loan Tenure
Loan tenure up to 60 months for new / used 4-wheeler vehicles, up to 84 months for Salaried category customers.
Club Your Income
Spouse's income can be clubbed to avail a higher car loan amount
Pay your EMI's on time to avoid 2% penalty on overdue amount above 30 days
- KYC Documents of Borrowers(Proof of Identity and Proof of Address)
- Recent Passport Size Photograph of borrowers
- Proof of Employment/Business
- Income Documents(Indicative Only):
- Salary Certificate & Proof Of Employment/Business(Embassy attested if possible)/Balance Sheet in case of Business.
- 6 Months external account statement
- 2 years NRI Account Statement
Repayment of the loan can be made as EMIs.
Other Terms & Conditions
Income of the applicant
- Monthly income not less than Rs.20000.00 (Rs.15000/- for loans up to Rs.2 L).
- Spouse's income can be clubbed.
- In the case of used vehicles 75 % on lower of depreciated /market / purchase value only eligible.
Period of the loan
New Vehicles (other than two wheelers) - 60 months
New Vehicles (for Salaried) - 84 months*
Used Vehicles - 60 months
New two wheelers - 48 months
*Salaried Category as per Bank's Policy
Hypothecation of Vehicle Purchased
Co-obligancy of Spouse/Another Person
No Collateral for loans up to Rs.10 lakhs.
Collateral waived for loans between Rs.10 Lakhs and Rs.15 Lakhs, in case funding is limited to 85% of the ex-showroom price
Collateral waived for loans above Rs.15 Lakhs up to Rs.20 Lakhs in case funding is limited to 75% of the ex-showroom price
Above Rs.20 Lakh- Collateral covering full value of the loan is required.
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