Who can apply?
- Resident Individuals.
- 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)
- ITR/Form 16 for 2 years
- Salary Slip for last 3 months
- 6 Months Bank Statement
- Balance Sheet(Audited Wherever mandated)
- P&L Statement
- Tax Paid Challans/ITRs
- 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
Other Terms & Conditions
Income of the applicant
- Minimum take Home after meeting all monthly EMI commitments including the proposed one should be at least Rs.7500
- 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)
- 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.20 Lakhs, in case funding is limited to 75% of the ex-showroom price else Collateral covering full value of the loan is required.
- Collateral Required for loans above Rs.20 Lakhs
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