Particulars

Purpose

• Only for New cars and minimum loan of Rs.3 lakhs
• For Used Cars or Loan below Rs. 3 lakhs refer to our regular car loan scheme

Eligibility

• Salaried persons with one year confirmed service.
• Businessman, Commercial organizations i.e. Partnerships/Pvt. Ltd. Co./ Ltd. Co./ any other commercial organization.

Basis of Advance

a)Premium mid segment cars – 80% of Ex- showroom cost, insurance & registration charges or for small cars – 90% of Ex- showroom cost, insurance & registration charges.

b)20 times of Net Monthly Salary or 2 times of Net Cash Accruals

a or b, whichever is lower

* while calculating Net Monthly Salary, EMI of loans not deducted from salary should also be considered

Repayment Period

• Maximum Repayment period for
• Business Class: 36 months to 60 months
• Salaried Class: 84 months

Rate of Interest

  For latest rate of interest contact your nearest branch

Security

·Hypothecation of vehicle 

`Two  guarantors. No guarantor if the borrower is existing customer with satisfactory track record 

Shareholding

·2.50% of loan amount. (Max. 25000/-)

Processing Fees

·Processing fee should be charge at 1% of loan amount .

Documents Required

·Proforma Invoice of the dealer

Photograph, residence proof of the Applicant and Guarantors

In case of salaried person, salary slip for last 3 months or bank statement for last 6 months

·In case of businessman, last 2 years profit & loss and balance sheet and bank statement of business account for last 6 months, ITR for last 3 years.

Prepayment Charges

·Prepayment Charges to be charged at 0.5%.