Purpose

• For purchase of new passenger Cars, Multi Utility Vehicles (MUVs),SUVs etc. for private use

Eligibility

• Salaried employees having net income not less than Rs.10000 and completed minimum 2 year service, worked as confirmed employee.
• Businessmen, professionals
• Directors of private and public limited companies, proprietor of proprietorship firms, partners of partnership firms.
• Corporates (partnership, private limited, public limited and trust) having tangible net worth not less than 10 times of loan amount.

Eligibility based on Repayment Capacity

For Salaried - Total deductions including proposed EMI should not exceed 60% of gross monthly income.

Others - Total deductions including proposed EMI should not exceed 60% of monthly income (calculated based on last year annual income)

Interest Rate

As per ROI Circular

Most Important Terms & Conditions

Type of facility

Term Loan

Limit

• Max. Rs. 50.00 Lac
• Total deductions including proposed EMI should not exceed 60% of monthly income (calculated based on last year annual income)

Margin

• Loan Upto Rs. 50.00 Lac - 10% of Ex-showroom price+ Registration Tax+ Insurance

Repayment Period

Max. 84 Monthly Instalments

Credit Information Report

Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt. of India or Reserve Bank of India without any notice to the borrower.