Car Loan Scheme

• 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.

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%