- Salaried Employees
- Businessmen, professionals
- Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
- Corporates (Partnership, private Limited, Public limited and Trust)
Purpose
For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc. for private use.
To know Rate of Interest Click here
To know Processing Charges Click here
Eligibility
- Salaried Employees
- Businessmen, professionals Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
- Corporates (Partnership, private Limited, Public limited and Trust)
Eligibility based on Income Criteria
Salaried persons
(*average of last 3 months GMI to be considered) |
GMI less than Rs.50000 |
24 times of GMI |
| GMI Rs.50000 & above but less than 150000 |
30 times of GMI |
| GMI Rs.150000 and above |
36 times of GMI |
| Others |
4 times of Gross Annual income (average of 2 years Annual Income) |
Eligibility based on Repayment capacity
Total deductions including proposed EMI should not exceed
| Salaried |
GMI less than Rs.50000 |
60% |
| GMI Rs.50000 & above but less than 150000 |
70% |
| GMI Rs.150000 and above |
80% |
| Others |
Average Annual Income(last 2 years) less than Rs.6 lacs |
80% |
| Average Annual Income(last 2 years) less than Rs.6 lacs |
60% |
| Average Annual Income (last 2 years) is Rs.6.00 lacs and above |
80% |
Maximum Limit
Rs.100 Lacs (For all categories)
Repayment Period
Maximum 84 months
Margin
10% Margin on ‘On road price’ of the vehicle
Bureau Score Validation
Minimum Bureau score cut off as per Bank’s guidelines
Age
Minimum : Borrower – 21 years, Co-applicant- 18 years
Maximum : Age of the applicant / co-applicant / guarantor + repayment period should not exceed 70 years
Security
Hypothecation of Vehicle financed
Insurance
Comprehensive Insurance of the Vehicle with Bank’s Clause
Pre-closure charges
NIL
Rate of Interest
To know Rate of Interest Click here
Rate of interest on car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum Cut off score is 725.
Concession in ROI : Concession of 0.25% in rate of interest on Car Loans to our existing Home Loans borrowers who maintain a good track record of repayment without any overdue.
Unified Processing Charges
To know Processing Charges Click here