Purpose: Purchase of Private / Commercial Vehicles (New or Used)
Eligibility: Salary after loan EMI amount 40% of the Net Income subject to minimum 5000/- & Max 20,000/-
Quantum of Loan: For Private Vehicles (New): Max Rs.30.00 Lakh
For Private Vehicles (Used)
(a) Max Rs.30.00 Lakh
Eligibility: Salary after loan EMI amount 40% of the Net Income subject to minimum 5000/- & Max 20,000/-
For Commercial Vehicles (New)
(a) Max Rs.50.00 Lakh
For Commercial Vehicles (Used)
(a) Rs.10.00 Lakh not more than 3 years
b) Rs.15.00 Lakh for Buses not more than 5 years old
Rate of Interest: 13%
Repayment: up to 60 installments
Sureties: For Private Four Wheelers / Two Wheelers: One Surety (salaried family member to be considered) with Net Salary / Income of Rs. 10,000/- and above
For Commercial Vehicles: Two sureties with Net Salary / Income of Rs.10, 000/- and above
Service Charges: 1.2% of the sanctioned amount
Share Amount: Private Vehicle: – Rs.1, 000/-
Other Vehicles:-1.5 % of the sanctioned amount.