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  • June 24,2018
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vehicle loan

  • Eligibility
    Purpose
    • For purchase of all variants of four wheelers & two wheelers. (non-commercial use- to be registered as private vehicle)
    • 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 & Daughter (Married and unmarried both) can be co-applicant.
  • Finance
    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%
    In case of Business entities - Cash generations to satisfy the repayment of the proposed loan
    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.
    Components of finance Show room price + one time road tax + Registration Charges & First year's insurance cost
  • Security and Margin
    Security Hyp. of New Two wheeler / Car / MUV purchased out of Bank Finance. The hypothecation charge shall be registered in the books of RTO.
    Collateral Security
    For Two wheelers The borrower has to furnish one personal guarantee acceptable to the Bank in case Gross Monthly income (per month) is less than ₹ 30000/-.
    For Four wheelers The borrower has to furnish one personal guarantee acceptable to the Bank in case Gross Monthly income (per month) is less than ₹ 40000/-.
    Margin 15% on on-road cost
  • Rate of interest and Repayment
    Repayment Period

    Two Wheeler: 84 Months

    Four Wheeler:

    Loan amount upto Rs. 25.00 lacs: 100 Equated monthly installments 

    Loan amount above Rs. 25.00 lacs: 120 Equated monthly installments 

    Subject to: 
    a) For Salaried (Non Pensionable) - Up to 65 years
    b) For Salaried (With Pension) - Up to 70 years.
    c) For Business Class/ Professionals: No age-bar

    Rate of Interest (floating)
    Tenure NORMAL / CARD RATE
    For Male Borrowers 1 YEAR MCLR +0.50%
    For Female Borrowers 1 YEAR MCLR +0.40%
    * Concession in rate of interest (0.25%) to captive and loyal customers, existing home loan borrowers and group of employees.
    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
    Reimbursement of finance
    • Reimbursement of finance for new four wheelers purchased out of own funds from the authorized Car dealer.
    • The reimbursement shall be within 3 months of purchase.
    • The loan shall be treated as financing for new vehicle.
  • Loan Status

    Loan Status

     
     
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    Captcha Code

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    Please enter your Loan reference nOAN/2o. as . eg. VEHICLELOAN/31082017/5

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