Purpose

• Purchase of new car
• Purchase of second hand car (not more than 5 years old)
• Takeover of car loans from other banks

Who Can Borrow

• Individuals (Salaried employees/businessmen) in the age group of 21-55 yrs *
• Commercial Establishments i.e.Partnership Firms/ pvt. Limited Co./limited cos./any other commercial organization/ registered societies
• *the upper age limit can be relaxed at the bank’s discretion depending on the merit of the case.

Loan Amount

• 90% of the cost of the vehicle (ex-showroom cost + insurance + registration charges)
• 20 times of net monthly salary or 2 times of net cash accruals.

Margin

• 10% of the cost of vehicle (ex-showroom cost + insurance + registration charges)

Repayment

• Maximum 84 months *

* In case of old vehicle maximum period in case of old vehicle is calculated by substracting the month and year of make of vehicle from 84 months.

* In case of takeover loan the repayment period shall not exceed the residual repayment period of the transferor bank.

Rate Of Interest

• The rate of interest as decided by the bank from time to time would be applicable.

Security

• Hypothecation of vehicle.

Guarantee

• Two guarantors acceptable to the bank.
• One guarantor (in case of loan up to Rs. 5 lac to salaried persons)

Processing Charges

• 0.5% of the loan amount + GST

Share Holding

• 1.5% of the loan amount.

Documents Required

• Photograph , PAN and KYC documents of borrower and guarantor
• Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
• Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
• Proforma Invoice of the dealer.
• Valuation certificate from the reputed garage / valuer for second hand car
• Statement of a/c and classification report/ conduct of the a/c from the transferor bank in case of takeover loan