Purpose
For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc. for private use.
For purchase of used car not more than -3- years old for private use.
For purchase of new Two Wheeler for private use.
Eligibility:
Salaried Employees/Pensioners /Staff members / Ex-Staff members.
Businessmen, Professionals, Farmers
Directors of Private / Public Ltd Co.
Proprietor of firm, Partners of partnership firm,
Corporate Entities i.e. Public Ltd Co / Private Ltd Co / Proprietorship firm/Partnership/LLP/Trust/Society etc. earning profit during last two financial years as per audited balance sheet/ ITR.
Age :
Minimum Age:
Applicant: -21- Years;
Co-applicant: -18- years
Maximum Age:
Age of the applicant / co-applicant / guarantor + repayment period should not exceed -70- years.
Maximum Amount of Finance :
Rs.100.00Lakh
Margin :
For New Vehicles– Four Wheeler: Minimum 10% of On-road Price.
Two Wheeler: Minimum 15% of On-road Price.
For Old Vehicles– Minimum 25% of Present Value.
Features :
Special concession @ 0.25% to the borrowers having housing loan.
Special concession @ 0.25% to the borrowers offering CRM securities, present value not less than 50% of advance value. Maximum allowable special concession is 0.25% only
No Collateral upto loan amount of Rs.25.00Lakh.
No Personal Guarantee for Permanent PSU/Government Employees having minimum of 2 years’ service/Staff & Ex-Staff.