Finance the purchase of a brand new car or a pre-owned vehicle not over two years old

For salaried individuals:

• 85% of the cost of the vehicle
• Maximum loan amount 30 times the net monthly income (average of 6 months’ salary, not over Rs. 20 lakhs
• For pre-owned car - 60% of the car value (as decided by the approved valuer of the Bank), not over Rs. 10 lakhs

For professionals & businessmen:

• 85% of the cost of vehicle
• Maximum loan amount 2.5 times the annual income as per IT Returns/Assessment Order (3 years average income), not over Rs. 20 lakhs
• For pre-owned car - 60% of the car value (as decided by the approved valuer of the Bank), not over Rs. 10 lakhs

 

Salaried Individuals:

• Above 21 years of age
• Minimum take home pay of Rs. 12,000/- (individual), last 6 months’ salary certificate to be produced
• Permanent government employee or a permanent employee of a reputed company/government/quasi-government organizations/PSU with minimum service of 3 years
• Minimum left over service should be at least 24 months over and above the loan period

Professionals:

• Between 21 and 50 years of age
• Minimum annual income of Rs.2,50,000 as evidenced by IT Returns/Assessment order for three consecutive years
• Practice for three years or more

Self-Employed:

• Between 21 and 50 years of age
• Self-employed for at least three years
• Minimum annual income of Rs.2,50,000 as evidenced by IT Returns/Assessment order for three consecutive years

• Hypothecation of vehicle to be purchased
• Post dated cheques drawn on a scheduled bank for the entire period of loan.
• Suitable guarantee / tangible collateral

• Proforma invoice
  
• Proof of income: Salary Slip/IT Return/Assessment Order
  
• The cash receipt & original bill from dealer
  
• Photocopy of the RC book and comprehensive insurance policy

• Apply

Loan Amount:

• Between Rs. 20,000 and Rs. 75,000

Margin Required:

• 20% of the on-road cost (invoice value + insurance + life tax + cost of accessories) of the two-wheeler to be contributed by the applicant

Tenure:

• Between 12 and 48 months

• Permanent employees of government and quasi-government institutions, public sector units, approved educational institutions, corporations of repute etc.
• Minimum regular service of 2 years and at least 1 year of residual service after the due date of the loan.
• Professionals like doctors, chartered accountants, engineers, architects, etc., and self-employed people with average annual income of Rs. 1lakh and above for the past three years continuously, as per the audited financial statements or income tax returns
• Between 21 and 55 years of age

Salaried Individuals:

• Identity proof - copy of passport, electoral card, driving license, PAN card, identity card from employer, PF account number
• Latest salary slip or current dated salary certificate with latest Form 16

Business/Profession/Self-employed:

• Proof of identity - passport, electoral card, driving license, PAN card
• Latest audited balance sheet and profit and loss account/latest income-tax return filed

• Hypothecation of vehicle to be purchased
• Post dated cheques drawn on a scheduled bank for the entire period of loan
• Suitable guarantee/tangible collateral

• Apply