| Purpose |
Loans sanctioned for purchase of new passenger cars, jeeps, Multi Utility Vehicles (MUVs) and SUVs. |
| Eligibility |
1. Permanent employees of State/Central Government, Public Sector Undertakings,
Corporations, Private Sector Companies and reputed establishments in the age
group of 21-65 years drawing Net Annual Income of Rs.75000/- and above.
2. Professionals, self-employed and others who are Income Tax assesses drawing Net
Annual Income of Rs.75000/- and above for the last year as per Income Tax return
in the age group of 21-65 years.
3. Persons engaged in Agriculture and allied activities drawing Net Annual Income of Rs.75000/- and above in the age group of 21-65 years. Income Tax return will not be required. |
| Amount of finance |
There is no ceiling in Loan Amount but restricted to 36 times Net Monthly Income, net of all deductions including actual monthly TDS for salaried persons & 3 times Net Annual Income for others |
| Margin |
15% of the on road price of the vehicle |
| Repayment |
7 years with an option for repayment in a shorter duration, preferably with a check off facility in case of salaried persons. Post-dated cheques should be obtained where check off facility is not obtained. |
| Security |
Hypothecation of vehicle & Guarantee of spouse, if his/her income has been taken in to account for computing eligibility of loan amount. (OR)
Security in the form of surrender value of LIC policy, NSCs, units of UTI, Deposits with our Bank, SBI Magnums, gold or any other security normally acceptable to the Bank for grant of advance, to cover at least 35% of the loan amount. (OR)
Third Party Guarantee good for the loan amount |
| Processing charges |
Nil |
| Insurance |
Comprehensively insured for the market value |
| Purpose |
Loans sanctioned for purchase of passenger cars, jeeps, Multi Utility Vehicles (MUVs) and SUVs not more than 5 years old. However, financing of old vehicles on the basis of duplicate registration books will not be entertained. |
| Eligibility |
1. Permanent employees of State/Central Government, Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments in the age group of 21-65 years drawing Net Annual Income of Rs.75000/- and above
2. Professionals, self-employed and others who are Income Tax assesses drawing Net Annual Income of Rs.75000/- and above for the last year as per Income Tax return in the age group of 21-65 years
3. Persons engaged in Agriculture and allied activities drawing Net Annual Income of Rs.75000/- and above in the age group of 21-65 years. Income Tax return will not be required. |
| Amount of finance |
36 times Net Monthly Income, net of all deductions including actual monthly TDS for salaried persons & 3 times Net Annual Income for others subject to maximum of Rs.15 lakhs. |
| Margin |
15% of the on road price of the vehicle |
| Valuation |
Certificate of fitness/valuation from a reputed garage would be required. No valuation certificate is required if the car is sold under the Maruti True Value scheme or Automartindia. |
| Repayment |
7 years with an option for repayment in a shorter duration, preferably with a check off facility in case of salaried persons. Post-dated cheques should be obtained where check off facility is not obtained. |
| Security |
Hypothecation of vehicle & Guarantee of spouse, if his/her income has been taken in to account for computing eligibility of loan amount. (OR)
Security in the form of surrender value of LIC policy, NSCs, units of UTI, Deposits with our Bank, SBI Magnums, gold or any other security normally acceptable to the Bank for grant of advance, to cover at least 35% of the loan amount. (OR)
Third Party Guarantee good for the loan amount |
| Processing charges |
Nil |
| Insurance |
Comprehensively insured for the market value |
