VEHICLE LOANS TO GENERAL PUBLIC (4 Wheeler & 2 wheeler) FOR PERSONAL USE

VEHICLE LOANS TO GENERAL PUBLIC (4 Wheeler &2 wheeler) FOR PERSONAL USE

Purpose Purchase of New / second hand 4 wheeler such as Car, Van, Jeep etc. New Two wheeler such as Moped, Motor cycles, Scooter etc.
Eligible persons
Salaried / Non salaried
Individuals having minimum annual income of Rs.2.00 lakhs & above as per IT returns. For determining eligibility, quantum of loan, the income of spouse having IT Returns supporting the borrower financially, can be considered. The spouse whose income is included for the above purpose shall join the transactions as additional surety/ies.
Obtaining of IT Return is mandatory. However, Separate vehicle loan scheme is available for agriculturists
Individual having minimum annual income of Rs. 1.00 lakh.

IT Return is mandatory However, Separate vehicle loan scheme is available for agriculturists

Quantum a) 90% of on Road price(inclusive of Insurance, Road Tax, Registration charges & accessories limited to maximum of Rs.10000/-) or Three times of the Gross annual income whichever is less subject to cutback norms.
b) 70% of value of the Car (as valued by approved valuer) for second hand car of not more than 3 years old or three times gross annual income whichever is less subject to cutback norms.
a) For Salaried: 80% of on Road-price (inclusive of Insurance, Road tax and Registration charges) of the new 2 wheeler and accessory (max: Rs.1000/-) or 6 months gross salary whichever is less subject to cutback norms.

For Non Salaried: 80% of on Road-price (inclusive of Insurance, Road tax and Registration charges) of the new 2 wheeler and accessory (max: Rs.1000/-) or 50% of Gross Annual Income of the applicant whichever is less subject to cutback norms.

b) Second hand 2 wheelers are not eligible for bank finance.

Security Hypothecation of Vehicle
Co-obligant/Surety Third Party Guarantee / Surety acceptable to Bank with adequate net worth acceptable to the Bank
Repayment Maximum 84 months for new Cars and maximum 48 months for old cars. The repayment period for old cars shall be fixed in such a way that the age of the car plus repayment period does not exceed 7 years. Maximum 60 months.
Rate of Interest Rate of Interest at present is 10.50% pa., The rate of interest is subject to change from time to time.
Cut Back 50% or 60% (where cutback exceeds 50% on account of voluntary savings like contribution to provident fund beyond statutory requirement, LIC etc). Provident fund both statutory and voluntary, Income Tax / Professional Tax, insurance premium, deductions towards all loans.