- Features & Benefits
- How to apply ?
- Documents Required
- Repayment options
- Other Terms & Conditions
- Interest Rates & Charges
- Funding upto 100% of ex-showroom price
- Repayment period upto 84 months
- Competitive interest rates
- Free Personal accident insurance upto Rs. 10.00 lakhs for individuals
- Nil Pre-closure charges for individuals
- Can be availed for buying new car, used car and new two-wheelers
- Re-imbursement within 1 month of car purchase date
- No-income document scheme
- Faster processing
Who can apply?
How to avail the loan?
To avail the loan, you may please apply online.
- Two passport size photos each of the applicant/ and the co obligant
- Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
- Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
- Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
- Additional documents for Non Resident Customers - Certified copy of Passport, Visa, Work Permit, ID card
Non Resident Salaried (either of option1 or option 2)
Non Resident Self Employed (either of option1 or option 2)
- Latest land tax receipt or own house proof (latest land/building tax receipt, Electricity Bill, Water bill Etc.)
- Sale Letter & Valuation letter from authorized used car dealer /dealer in case of Used Car
- Property Documents (In case of loans over 25 Lakhs)
- Documents of title
- EC for 13 years
- Possession certificate
- Location sketch
- Land tax receipt
- Building tax receipt
Repayment of the loan can be made as EMIs.
Income of the applicant
- Minimum take Home after meeting all monthly EMI commitments including the proposed one should be at least Rs.20000 (lower take home pay requirement for rural, semi urban locations)
- Spouse's income can be clubbed.
- Agricultural Income/Rental can be clubbed with regular income(minimum monthly income to be At least Rs.40,000, including agriculture income/rental income)
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
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
- In the case of used vehicles 75 % on lower of depreciated /market / purchase value only eligible.
Please visit the Rates & Charges page for details.