- Eligibility -
- Salaried persons who are permanent employees of:
-
- State/Central Government
- Public SectorUndertakings/Corporations
- Private Sector Companies of Repute
- Reputed Establishments
- Professionals and Self Employed persons.
- Businessmen
- Agriculturists (with minimum land holding of 8 acres of irrigated land)
- Income Criteria Required for Car loan:
- An annual income of Rs. 1.20 Lacs for purchase of car/van/jeep
- A minimum net monthly income should be thrice the monthly installments.
- Note: Income from other sources like rent from properties, commission, interest, dividend, etc., including the income of the spouse/other family members, may be included provided these are from verifiable sources.
- Age Eligibility:
- Minimum: 21 years as on the date of application
- Maximum: 60 years for all types of borrowers as on the date of maturity of the loan.
- Quantum of Loan
- For purchase of Car/Van/Jeep: 25 times Net Monthly Income or 80% of the cost of the vehicle subject to a maximum of Rs.25.00 Lacs for a New Vehicle or Rs.10.00 lacs in the case of used vehicle whichever is lower.
- For purchase of new two wheelers: 6 times the net monthly income (or) 75% of the cost of vehicle.
- Margin
- 20% of invoice value for a new car/van/jeep
- 40% of the value assessed by an approved automobile engineer for a used car/van/jeep
- 25% of the cost of the vehicle for two-wheelers
- Security – Hypothecation of the vehicle purchased.
- Repayment period (Maximun)
- New car/van/jeep : 60 months
- Used car/van/jeep : 36 months
- New Two-wheelers : 60 months
- Loan processing fee – 1% of the loan amount, subject to:
- Minimum: Rs.500/- for four wheelers & Rs.250/- for two wheelers.