Objective : 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.
|Eligibility||:||The loan can be extended to as many promoters/partners and even their family members.
Net annual income must be `75,000/-
|Quantum of Loan||:||3 times of Net Annual Income
No ceiling for New vehicles [For old vehicles `15.00 lacs only]
|Repayment||:||New vehicles – Repayable in 84 months
Old Vehicle – Loan should be liquidated when vehicle life completes 7 years
|Security||:||Primary : Hypothecation of vehicle.|
|Interest Rate||:||CLICK HERE to view interest rates|