Vehicle Loan

Vehicle Loan

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

 

Non Resident Indian can also apply.

(For NRIs subject to condition of obtaining a suitable guarantee from Resident Indian
acceptable to the Bank)

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. 
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 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  

Please click here for Processing Charges.

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.