| Objective | The Bank formulated a scheme for financing individuals for purchase of non-commercial brand new and pre-owned cars for personal use. |
|---|---|
| Maximum Loan | a) A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income or Maximum loan amount of Rs.10.00 lakhs whichever is less. Excluding of the 25% margin amount. |
| b) Loan shall be sanctioned on road price (cost of vehicle + Registration charges + Insurance + Road Tax). Any additional cost for fancy numbers shall not be financed by Bank. | |
| ROI | a) The interest will be charged at 12% p.a. on monthly compounding basis. b) In respect of overdue installments, 2% p.a. penal interest will be charged over and above the normal rate. |
Eligibility Criteria | 1. Individual between 21-55 years of age. |
| 2. Regular employee of State/ Central Govt., Public Sector Undertaking, Private Company or a reputed establishment. | |
| 3.Professionals, self-employed businessmen, proprietary/partnership firms who are income tax assesses. | |
| Gross Annual Income:- | |
| Salaried: | |
| a) For Employees of State and Central Government, Public Sector Undertakings. Gross Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,50,000/- p.a. and above. | |
| For salaried customers other than above mentioned categories: Gross Annual Income of applicant and/or co-applicant if any, together should be Rs.4,00,000/- p.a. and above. | |
| Self-employed, professionals and proprietary/ partnership firms: | |
| Net Profit or Gross Taxable Income should be more than Rs.4,00,000/- p.a. as per ITR after adding back depreciation and repayment of all existing loans. | |
| Repayment Period | a) Maximum repayment period 5 years(60 months) with equated monthly installments for new cars. |
| Documents Required | 1) Statement of Bank account of the borrower and sureties for last one year. |
| 2) 2 Passport size photographs. | |
| 3) KYC particulars compliance. | |
| 4) A copy of passport/ voter ID/ PAN card/ Aadhar card/ employee ID card. | |
| 5) Proof of residence. | |
| 6) Latest 3 months salary slips showing all deductions. | |
| 7) I.T. Returns: 3 years for professional/ self-employed/ businessmen duly accepted by the ITO wherever applicable. | |
| 8) Proof of official address for non-salaried individuals. | |
| The income of the borrower should be sufficient to pay the loan installments (only 2/3rd of the net income shall be taken for this purpose). However, the income of the surety should also be sufficient to pay the installments in case of default by the borrower. |