- Age : 21 – 65 years.
- Prof & self employed Persons, Employees of Govt./Semi Govt., Any other reputed institutions.
- Agriculturist: 5 Acre irrigates or 10 Acre Dry land (cultivable if no other term liability is there).
- Trader, Manufacturers and others.
Rate of Interest
- Within 7 years for new vehicles.
- If old vehicle, repayment period should not exceed 7 years form original sale date.
Proposal Processing Charge
- At present 0.75 % of loan amount
- Upto Rs. 6 lakhs : 15%
- Above Rs.6 lakhs : 30%
- For used car : 30% on valuation report from Govt. approved valuer.
Max & Min Loan:
- Rs. 15.00 lakhs OR 30 times of net monthly income in case of salaried person. In other cases 2.5 times of net annual income.
- No moratorium period.
- Hypothetical of vehicle for which applied for Car Loan.
- Advance post dated Cheques or check off facility.
- Security by way of pledge of LIC / NSC to cover at least 35% of value or Third Party Guarantee / Third Party Guarantee of Spouse (if Income is clubbed)