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Doing your homework before buying a pre-owned car is just as important as choosing the right loan for it. Keeping convenience as our priority, we offer you the best car loan with the lowest interest rate, making your car buying experience smooth.

Eligibility:

  1. Salaried persons with one year confirmed service.
  2. Other than salaried having regular source of income.

Loan Amount:

Min. Rs. 1 Lakh, Max Rs. 100 lakh.

Basis of Advance:

1. Lower of value assessed by valuer or agreed price of the car
    a. 70% of cost (as per Banks valuation report or purchase price)* (In case of cars = or less than 2 years)
          OR
    b. 60% of cost (as per Banks valuation report or purchase price)* (In case of cars more than 2 years but less than 5 years old.

2. Salaried: 40 times of Avg Net Monthly Salary.
    Businessmen: 4 times of Avg Gross Cash accruals.

Repayment Period:

  1. Maximum 36 months for Cars more than 3 years but less than 5 years old.
  2. Maximum 60 months for Cars less than or equal to 3 years.

Rate of Interest :

Fixed 9.50 p.a. for both small and high-end car

Processing Fees:

0.50% of loan amount maximum Rs. 5000/-

Shareholding:

As per extant shareholding norms

Security:

  1. Hypothecation of car to be purchased.
  2. One guarantor.

Documents Required:

  1. Duly filled prescribed application form.
  2. Latest Photograph, Photo Identity & Residence Proof of the Applicant.
  3. Income proof a) or b) as applicable.
    1. a) Salaried person: salary slips for last 3 months and bank statement for last 3 month or ITR/Form 16 of the latest one year.      
    2. b) Businessman/Professional/self-employed: last 3 years’ profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
  4. Vehicle inspection report, RC/TC Book Copy.

Conditions Apply*