Vehicle Loans- Pushpaka

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

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.

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