ELIGIBILITY

• Individuals of the age 18 years and above
• Permanent employee of Central/State/Defense/Police Force/Public or Joint Sector Undertaking/reputed firms/ established Educational Inst.
• Professional/Businessmen having regular income.
• Borrower has at least minimum services to liquidate the loan 1 year prior to retirement.
• Firms / Companies.
• A Minimum of 40% marks as per investment grade scoring chart.

Get Finance For: 

• For Purchase of new four wheeler, for personal or professional use
• Second hand cars (up to 3 years old).
  

Loan Amount

Four times the net income /net annual salary subject to a maximum loan of Rs 25 lacs for new cars and Rs 10 lacs for used cars.

Margin

• 20% of cost of vehicle.
• 50% of used vehicle.
• Under tie-up - 10%.

Type of Loan:

1. Term Loan 
2. Overdraft - a) For New vehicles only
                      b) Minimum loan amount: Rs. 3 lacs.

Repayment

• 4 Wheelers - A Maximum of 60 months in Equated Monthly Installments (EMIs).
• Under Tie-up - A Maximum of 84 EMIs (Ford India)

 Processing Fee:

•  Rs. 500 for Loan up to Rs. 2 Lacs.
•  Rs. 1000 for Loan over Rs. 2 Lacs.

Security:

• Hypothecation of vehicle financed by the Bank.
• Bank's lien to be got noted with the Transport Authorities

Guarantee:

• Guarantee of the spouse. In case unmarried, third party guarantee with sufficient means. 

Other Conditions:

•  No Pre-Payment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources or genuine sale. However, 2% charged on an average o/s. balance of last 12 months if loan is closed on take over by other Bank/Financial Institutes
• Comprehensive Insurance with Bank Clause.
• Salary Certificate/proof of income and proof of residence to be obtained and held on record.

New Car

Used Cars