ELIGIBILITY

  • 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/-.

PURPOSE

  • For purchase of Car for personal use

AMOUNT

  • 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

MARGIN

  • 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.

REPAYMENT

  • 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%

SECURITY

  • 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

PROCESSING FEES

  • 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

  • Copy of National ID Card
  • Copy of Driving License for vehicle for which loan is applied.
  • Salary Slips for last 3 months for salaried/ MRA return for businessman
  • Quotation for the cost of vehicle

SANCTIONING AUTHORITY

  • 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