Permanent employees (of Govt., Parastatal bodies, reputed Public and Private Companies)
Self employed persons / businessman having a regular source of income with minimum monthly income of Rs. 10,000/-
Corporates, Proprietors, Partners, Directors of Pvt./Public Ltd. Company with min. monthly income of Rs. 20000/-.
For purchase of Car for personal use
Max. Rs. 3,000,000/- For New Vehicles
Max. Rs. 1,000,000/- For Reconditioned / Second Hand Cars not more than 5 years old.
Max. Rs. 600,000/- For Reconditioned / Second Hand Cars older
For New Cars-20% of purchase price.
For Reconditioned / Second Hand Cars not more than 5 years old. 25% of purchase price.
For Reconditioned / Second Hand Cars which are older than 5 years but not more than 7 years old.-40% of purchase price.
Purchase Price includes cost of Car, VAT Registration Charges/ Road TAX and Insurance.
For New Cars-7 Years.
For Reconditioned / Second Hand Cars not more than 5 years old -7 Years
For Others-3 Years
Loan repayment to commence one month after disbursement.
Rate of Interest
At PLR, in following cases:-
If the applicant provides securities by way of FDR/Assignment of Life Insurance Policies/ Creation of 1st rank charge on property equal to 50% of Loan amount
If the applicant is our existing client availing Housing Loan under standard category.
For persons who are having gross minimum salary of Rs. 50,000/- p.m. and salary is pledged in favour of Bank.
If the applicant is our existing client availing credit facilities under standard category where he has created 1st rank fixed charge on the properties (excluding Housing Loan)
For Others-PLR + 1.00%
• Gage Sans Deplacement,
• Salary Pledge,
• Comprehensive Insurance assigned in Bank’s favour.
Optional for getting Interest concession:
Lien on FDR/Assignment of Life Insurance Policies.
1st rand fixed charge on the property
1.00% of Loan amount – Minimum Rs. 2,500.00 Max Rs15,000.00/- (One-time fee, No processing charges to be charged at the time of renewal)
Documents to be submitted along with application
1. Copy of National ID Card
2. Copy of Driving License for vehicle for which loan is applied.
3. Salary Slips for last 3 months for salaried/ MRA return for businessman
4. Quotation for the cost of vehicle
Time Frame for taking credit decision / disposal of proposal from the date of submission of data / information is within 10 working days for all credit facilities upto Rs. 300,000.00