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Last Updated on 16/10/2019
Vehicle Loans- Pushpaka

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

Retail Credit Interest Rates (Click here)

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

Download the application

Processing Charges (Click here)

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

Pushpaka Loan Scheme Application Form (Click here)