VEHICLE LOAN

Two Wheelers

Scheme

2 wheeler loans to Individual

Eligibility

Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers and Rs. 60,000 /- P.A. for 2 wheelers.

 

Margin on Road  Price amount

Category of the Borrower Margin Salaried class and where salary deduction is available 15% SME/ Corporate Borrowers under Standard Asset Category and with Credit rating B and above 15% Other Borrowers 20%

 

Quantum of Finance

New Vehicle: For 2 Wheelers: 85% of road price (includes invoice price, Life tax, Registration charges, Insurance and accessories) for salaried class/ SME/Corporate borrowers under Standard Asset category and with credit rating B and 80% for other borrowers or Rs. 60,000 /- whichever is lower. Second Sale: (not more than three years old): 60% of garage value or Rs. 5,00,000 /- whichever is lower. Accessories: not exceeding Rs. 5,000 /- for 4 wheelers & Rs. 1,000 /- for 2 wheelers.

 

Repayment

For 2 wheelers - minimum 12 months and maximum 60 months (EMI)

 

Co-obligation

Third party acceptable to the Bank for both 4 and 2 wheeler.

 

Security

Hypothecation of vehicle purchased

 

Documents

Valid driving license Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice. Valuation certificate from reputed garage for second sale.

Four wheelers:

Scheme

4 wheeler loans to Individual

 

Eligibility

Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers and Rs. 60,000 /- p.a for 2 wheelers.

 

Margin on Road  Price amount

Category of the Borrower Margin Salaried class and where salary deduction is available 15% SME/ Corporate Borrowers under Standard Asset Category and with Credit rating B and above 15% Other Borrowers 20%

 

Quantum of Finance

New Vehicle: For 4 Wheelers : 85% of road price (includes invoice price, Life tax, Registration charges, Insurance and accessories) for salaried class/ SME/Corporate borrowers under Standard Asset category and with credit rating B and 80% for other borrowers or 3 years gross salary whichever is lower. Second Sale: (not more than three years old): 60% of garage value or Rs. 5,00,000 /- whichever is lower. Accessories: not exceeding Rs. 5,000 /- for 4 wheelers & Rs. 1,000 /- for 2 wheelers.

 

Repayment

For 4 wheelers (New) - minimum 12 months and maximum 72 months (EMI). For 4 wheelers (Second sale) - 60 months EMI.

 

Co-obligation

Third party acceptable to the Bank for both 4 and 2 wheeler.

 

Security

Hypothecation of vehicle purchased

 

Documents

Valid driving license Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice. Valuation certificate from reputed garage for second sale.