Q.1.  What is the maximum amount of loan that can be availed under Car loan scheme ?

Ans.  The maximum amount of Loan   : Coupled with Income criteria.

          For New Vehicles                        : No Limit / ceiling

          For Used/Refurbished vehicles  : Rs.15.00 lakhs

          For Salaried people                     : 36 months Net Monthly Income

          For Others                                   : 3 times Net Annual Income

Q.2.  Who are eligible  under the Scheme?.

Ans.  Salaried people /                     : Net Annual Income Rs.75000/

         Self employed                            Net income per month at least 2

                                                             times of EMI. (IT return to be submitted                                                                        where ever necessary)

        For Agriculturists                    : Same as above (IT return not required)

Q.3.  What is the margin money required?.

Ans.  For New as well as Used / Refurbished vehicles:

         Loans upto    Rs.6.00 lakhs – 15%

         Loans above Rs.6.00 lakhs – 30%

Q.4.  What is the Rate of interest?.

Ans. For Premium cars                 : 8.50%

        For others up to 3 years       : Floating 9.00%    Fixed   9.50%

                              3 to  5 years    :        9.25%                     9.75%                          

                 above 5 up to 7 yrs      :        9.50%                   10.00%

Q.5.  What is the security?.

Ans.  Hypothecation of Vehicle, Guarantee of spouse if his/her income is  reckoned for computing eligibility of loan amount  and  Check-off facility or  any tangible security or TPG good for loan amount.

Q.6.  What is the repayment period?.

Ans. For New Vehicle  -- up to 7 years.

For Used / Refurbished vehicle – Maximum repayment would be fixed   so that loan gets repaid within 7 years of the life of vehicle.

Q.7.  Any prepayment penalty on Vehicle loans?.

Ans.  A prepayment penalty of 2% of the amount prepaid.