Eligibility

• Salaried employees
• Businessmen, professionals

Eligibility based on Repayment Capacity

• Total deductions including proposed EMI should not exceed 60% of gross monthly income.

Interest Rate

As per ROI Circular

Most Important Terms & Conditions

Type of facility

Term Loan

Limit

• Max. Rs. 3.00 Lac

Margin

• For cost of vehicle upto Rs. 2.00 Lakh :- Minimum 10% of cost of vehicle (Ex-showroom price+ Registration Tax+ Insurance)
• For cost of vehicle above Rs. 2.00 Lakh :- Minimum 15% of cost of vehicle (Ex-showroom price+ Registration Tax+ Insurance)

Guarantee

• Guarantee of one person having sufficient net worth – If CIBIL of applicant is -1 or less than 701.

Repayment Period

• Max. 60 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.