- Salaried Employees
- Businessmen, professionals and Farmers
- Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
- Corporates (Partnership, private Limited, Public limited and Trust)
- NRIs/PIOs
Purpose
For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc. for private use.
Concessional Processing Charges upto 30.09.2018
For Loans upto Rs. 6.00 Lakhs: Flat processing charges of Rs. 1,000.00 + GST
For Loans above Rs. 6.00 Lakhs: Flat processing charges of Rs. 1,500.00 + GST
Eligibility
- Salaried Employees
- Businessmen, professionals and Farmers
- Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
- Corporates (Partnership, private Limited, Public limited and Trust)
- NRIs/PIOs
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 |
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
Rate of Interest
Rate of interest on car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum Cut off score is 701..
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
Processing Charges
Car Loan Documents Required Click here