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Purpose
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To
provide term loan to the promoter/partner of the SME units
[having borrowing arrangements with the Bank and or
maintaining current account satisfactorily for a period of
one year] or to their family members either in their own
names or in the unit’s name (i.e in the name of the Company,
Partnership firm / Proprietorship firm) for purchase of New
passenger cars, jeeps, multi utility vehicles (MUVs) and
sports utility vehicles (SUVs) etc. or Pre-owned Cars / Jeeps
/ MUVs / SUVs
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Eligibility
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Minimum
income Rs.75000/- p.a.
Proprietor
/ Partner / Promoter of SME units are eligible.
Loan
may be availed in their own names / in the name of their
family members / in the name of the firm or Company
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Nature of facility
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Term Loan
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Quantum
of Loan
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3 times of Net Annual Income.
Maximum Loan amount: No ceiling for New
vehicles.
For used vehicles Rs.15.00 lacs only.
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Margin
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15%
of the on road price of the
vehicle
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Security
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Repayment
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New Vehicles:
Maximum of 84 months
Used vehicles :
Maximum repayment period will be fixed as per age of the
vehicle such that the entire loan is repaid within the first
seven years of the life of the vehicle.
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Valuation
of used vehicles
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Certificate of fitness / valuation from a reputed garage
would be required which should be retained with the loan
documents. No
valuation certificate is required if the car is sold under the
Maruti True Value scheme or Automartindia.
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