Eligibility Permanent employment in a… A government office A public sector undertaking A reputed private enterprise or A self-employed professional  The loan can be applied for in the name of the firm or company Income eligibility   In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions The total monthly income of the applicant including that of spouse and other income should be not less than Rs.8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler. Purpose  For buying a new or used car (not more than 5 years old) or new two-wheeler. Loan amount New car - Upto 90% of the cost of the car. Used car - Upto 75% of the market value of the car subject to a maximum of Rs. 5 lakh. New two-wheeler - 90% of the cost of the vehicle or 10 times the gross monthly income or Rs.60,000/- whichever is lower. Rate of interest Please click Retail credit interest rates Repayment New car - repayable in 60 equated monthly installments Used car - repayable in 36 equated monthly installments New Two-wheeler - repayable in 60 equated monthly installments Security Hypothecation of  the vehicle purchased The Banks lien on the vehicle should be marked in the R.C. book Vehicle should be insured for the full value with the bank clause Processing charges  For loan upto Rs. 2 lakh,  Rs. 134/- in rural areas and Rs. 168/- in other areas as processing charges (subject to change). For loan above Rs. 2 lakh,  Rs. 134/- per Rs. 1 lakh or part thereof, in rural areas and Rs. 168/- per Rs. 1 lakh or part thereof, in other areas as processing charges (subject to change). Documents An application form Salary certificate, IT return or assessment order as a proof of income Quotation/proforma invoice - for a new car/ new two-wheeler Valuation certificate from two reputed auto dealers - for  used car   Download the application. Click here to Download the Application Form