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Home >> Loan >> Retail Schemes >> Vehicle Loan
Vehicle Loan

 

ORIENTAL CAR / VEHICAL LOAN SCHEME FOR GENERAL PUBLIC 

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 - Rs. 10000/- per month (Gross)

For Four Wheelers - Rs. 30000/- per month (Gross)

 

Eligible persons

1)       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.

2)       Professionals (including doctors)

3)       Business entities Established business for not less than two years

4)       Agriculturist based on their land holding and repayment capacity.

5)       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.

Reimbursement of finance

Reimbursement of finance for new four wheelers purchased out of own funds from the authorized Car dealer within 3 months of purchase.

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 Rs. 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 Rs. 40000/-.

 

 Margin

15% on on-road cost

Components

of finance

Show room price + one time road tax + Registration Charges & First year's insurance cost 

Assessment

of eligible

loan amount

In case of salaried persons / pensioners/ Professionals maximum loan admissible shall be equivalent to 30 months Gross salary/ pension subject to condition that the net take income (gross Annual income minus all existing deductions, IT deduction & Proposed loan installment) is in 30-40% slab as per Gross Annual income.

Upto Rs. 50000/- pm   

 40%      

Above Rs. 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 (family members) can be taken into consideration to arrive at eligibility / MPBF / Net take home income.

Repayment

Period

Upto 84 EMI's {Equated monthly installment of Principal & interest components}

a)       For Salaried (Non Pensionable) - Up to 60 years or superannuation whichever is earlier.

b)       For Salaried (With Pension) - Up to 65 years having regular source of income.

c)        For Business Class/ Professionals: No age-bar

Rate of

Interest (floating)

Click here to view Rate of Interest.

* Concession in rate of interest (0.25%) to captive and loyal customers, existing home loan borrowers and group of employees.

Process fee*

Click here to view Process Fee.

Other Charges

Prepayment Penalty / documentation charges/ upfront fee- NIL

Financing of Second Hand Cars

Amount

Rs. 25.00 Lacs

Margin

20% (Under TVS) & 30% (Non TVS) of market value assessed by valuer or purchase value of the second hand car. whichever is less

Rate of Interest

(floating)

Click here to view Rate of Interest.

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

 

Collateral security

One third party personal guarantee acceptable to the Bank

Process fee

Click here to view Process Fee.

Check Points

Only for personal use, Invoice authenticity by dealers, Driving license, repaying capacity

Please Click to proceed, if you fulfill eligibility

Documents Check List

New Vehicle

2nd Hand Car

  • Loan application Form
  • Passport size photograph of applicant, co-applicant & guarantor
  • Identity proof
  • Aadhar No.
  • Residence Proof
  • Age proof
  • Income Proof
  • For Salaried: Salary certificate issued by the employer / Income Tax return
  • For Agriculturist: Record of land holding & cropping pattern or any other proof of income.
  • For all other individuals: Last 3 yrs. Income Tax Return & computation sheet / Bank A/C statement.
  • Quotation from authorized dealer for vehicle to be purchased.
  • Proof of income of spouse where the same is to be considered for determining loan amount.

Any other information which may be necessary as per requirement of the case.

  • Loan application Form
  • Passport size photograph of applicant, co-applicant & guarantor
  • Identity proof
  • Aadhar No.
  • Residence Proof
  • Age proof
  • Income Proof
  • Particulars of vehicle to be purchased and copy of Registration Certificate of vehicle (Original to be produced at the time of disbursement
  • Agreement to Sell between Seller and Purchaser
  • Prescribed Transfer Form duly executed by the Seller for onward submission to RTO
  • Copy of receipt of up-to-date deposit of Road tax/other taxes.
  • Latest quotation of the vehicle from authorized dealer

Any other information which may be necessary as per requirement of the case.