Important Announcement
Car Loan

Eligibility

  • 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

Repayment Period

  • 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

Margin

  • 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.

Moratorium

  • No moratorium period.

Security

  • Primary
  • Hypothetical of vehicle for which applied for Car Loan.
     
  • Advance post dated Cheques or check off facility.
  • Collateral
  • 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)