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.
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 :
||For 2-wheelers and 4 wheelers
- Salary Certificate or
- ITAO for non-salaried class/property documents where ITAO is not available
- Proforma invoice
Third party guarantee acceptable to the bank