second hand car

  • Eligibility
    Purpose For purchase of Second Hand Cars to be used as private vehicle only
    Income Criteria For two Wheelers - ₹ 10000/- per month (Gross)
    For Four Wheelers - ₹ 30000/- per month (Gross)
    Eligible persons Salaried Individuals with confirmed / minimum 1 year of service. The length of previous employer's service(s) may also be taken into consideration for the criterion of 1 year service.
    Professionals (including doctors)
    Business entities Established business for not less than two years.
    Agriculturist based on their land holding and repayment capacity.
    Non-Resident Indians - jointly with Resident Indians (close relative)
    Co-applicants Spouse, Father, Mother, Brother, Son, Daughter-in-law & unmarried daughter can be co-applicant.
  • Finance
    Amount ₹ 100.00 Lacs
    Assessment of eligible loan amount
    • The minimum take home gross income/pension after all deductions including income tax & installment of proposed loan shall be as under:

    Upto ₹ 50000/- pm 40%
    Above ₹ 50000/-pm 30%
    The income of spouse, father, mother, brother, Son, Daughter-in-law & unmarried daughter (family members) can be taken into consideration to arrive at eligibility / MPBF / Net take home income.
    • In case of Business entities Cash generations to satisfy the repayment of the proposed loan
  • Security & Margin

    25% of market value assessed by valuer or purchase value of the second hand car, whichever is less

    Security Hyp. of Car purchased out of Bank Finance. The hypothecation charge shall be registered in the books of RTO.
    Collateral Security One third party personal guarantee acceptable to the Bank
  • Rate of Interest and Repayment
    Age of vehicle & repayment period
    Age of Vehicle Repayment Period
    If car is older than 3 yrs & upto 4 yrs. 36 Months
    If car is older than 2 yrs & upto 3 yrs. 48 Months
    If car is upto 2 yrs old 60 Months
    Rate of Interest 1 YEAR MCLR + 3.50%
    Process fee 0.50% of loan amount subject to minimum of ₹ 500/- & maximum ₹ 7000/- plus ST.
    Other Charges Prepayment Penalty / documentation charges/ upfront fee- NIL
  • Apply Now
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