- 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
- 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
- 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