EligibilityPermanent employment in a... A Government OfficeA public sector undertakingA reputed private enterprise orA self-employed professional The loan can be applied for in the name of the firm or company Non Resident Indian can also apply. (For NRIs subject to condition of obtaining a suitable guarantee from Resident Indianacceptable to the Bank)Income eligibilityIn confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductionsThe 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. 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 84 equated monthly installments Used car - Flexi repayment shall be fixed with a maxiumum of 84 months, less age of the vehicle. New Two-wheeler - repayable in 72 equated monthly installments Security Hypothecation of the vehicle purchasedThe 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 Please click here for Processing Charges.Documents An application formSalary certificate, IT return or assessment order as a proof of incomeQuotation/proforma invoice - for a new car/ new two-wheelerValuation certificate from two reputed auto dealers - for used carDownload the application. Pushpaka Loan Scheme Application Form