|
|
Purpose |
Purchase of New 4 or 2 wheelers / Second hand 4 wheelers up to 3 yrs old |
|
Eligibility |
Permanent salaried / Professionals / Businessmen |
| Age |
- |
| Minimum Employment |
For Service Persons Total – 3 yrs
Current – 2 yrs
Others – 3 yrs |
| Minimum Annual Income |
4W - Rs.3.50 lac for salaried,
Rs. 2.00 lac for others
2W – Rs. 2.00 lac
(Income of spouse can be included if joins as Co-applicant) |
|
Maximum amount |
4W – Rs.15.00 lac
2W – Rs.0.50 lac
Salaried - 18 times Gross Pay
Professionals - 1.50 times of average annual Income as per their last three Balance - Sheet/ P & L account or last years income whichever is less. |
| Security |
Hyp. of Vehicle |
| Guarantor |
One Guarantor acceptable to Bank |
|
Margin : |
15% for new vehicle.
50% for second hand 4 wheeler up to 3 yrs |
| Deduction Limit |
60% of Gross Pay |
|
Rate of Interest |
Click here to view the Interest Rate |
Repayment
|
4W(New) 84 Months
2W 60 Months
2nd 4W 60 Months |
|
Processing Fee |
4W Rs. 2000/-
2W Rs. 500/- |
| Insurance |
Compulsory |
| Group Finance |
20 permanent Employees of same organization of repute
-Margin Relaxation up to 10%. |
| Others |
The maximum amount for purchase of 2 wheelers & 4 wheelers is Rs 0.50 lakh & Rs. 15.00 lakh respectively. If the loan is availed for a lesser amount than the prescribed limit, borrower desires to avail the loan during the currency of the |
