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SyndVahan
 

Purpose : To buy new / second hand 4-wheeler or new 2-wheeler

Eligibility : Persons having minimum annual income of Rs. 1 lakh for 4 wheeler and Rs.50000/- for 2 wheeler.

Quantum :

4-wheeler (New): 95% of on-Road price (inclusive of insurance, Road Tax and Registration Charges) plus accessories (max. 10000/-) or 3 times gross annual income, whichever is less, for new 4 wheelers

4-wheeler (Old): 70% of value of the Car or 3 times gross annual income or Rs. 3.00 lakhs, whichever is less.

Note: Income of spouse/ major children will also be considered for purpose of determining eligibility and quantum of loan.

New 2-wheeler: 95% of on-Road price (inclusive of insurance, Road Tax and Registration Charges) of the new two wheeler and accessories (max. Rs.500/-) or 12 months gross salary, whichever is less, subject to a maximum of Rs.60000/- for all category of new two wheelers.

Repayment : 72 / 48 months for new/old 4 wheelers and 60 months for new 2 wheelers.

Rate of interest :

S.No. Particulars Rate of Interest
(% p.a. compounded monthly)
1 For 2-wheelers and 4 wheelers  PLR

 

Requirements :

  • Salary Certificate or

  • ITAO for non-salaried class/property documents where ITAO is not available

  • Proforma invoice

Third party guarantee acceptable to the bank

 
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