×
 

Requirement:

Purchase of a New Car/ Electric car


Eligibility:

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

Loan Amount:

Maximum limit of Rs. 500 Lakh

Basis of Advance:

1. Income based
For Salaried
 45 times of the net take-home salary (Avg for the last 3 months) of the applicant

For Businessmen/Self Employed
 5 times of Avg Gross Cash accruals
                          or
Existing Borrower with good track record for last 1 year -latest audited gross cash accrual based on financials.

2. 90% of Ex- showroom cost, insurance & registration charges (upto 100% - to loyalty customer.)

(1 or 2 whichever is lower)

Repayment Period:

Salaried & Businessmen: Maximum of 7 years.

Takeover of loans:

Takeover of car loans from other Banks/Institutions, subject to norms.

  1. Age of the car not to exceed 3 years
  2. Total repayment period including other bank should not exceed 7 years

Rate of Interest (Fixed): w.e.f. 05.12.2024

  1. Starting from 8.55%* to 9.60%* p.a

*ROI varies as per CIBIL score

Processing Fees : 

  1. Loan amount upto 1 Cr – NIL.
  2. Loan amount above 1 Cr to 3 Cr – Rs. 15000/-
  3. Loan amount above 3 Cr to 5 Cr – Rs. 25000/-

Shareholding:

  1. Upto 1 Cr - Rs. 1000/- 
  2. Above 1 Cr - Rs.25000/-




Security:

  1. Hypothecation of car

Documents Required:

  1. Duly filled prescribed application form Photo Identity & Residence Proof of the Applicant.
  2. 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.
  3. Proforma Invoice of the Authorized dealer.

Conditions Apply