Purpose – Term Loans are sanctioned for purchase of new passenger cars, jeeps or multi utility vehicles (MUVs) and SUVs
Eligibility – People between the age group of 21 to 60 years are eligible for the car loan. Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments. Professionals, self-employed and others who are income tax assess and persons engaged in agriculture and allied activities are also eligible.
For Salaried employees:
(i) Net annual income Rs.75, 000 and above
(ii) Net monthly income should be at least 2 times of EMI
Self Employed and Professionals:
Net annual income Rs.75, 000 and above for the last year as per Income Tax Return
Persons engaged in agriculture and allied activities:
Same as for self- employed and professionals except that income tax return will not be required.
Quantum of Loan – No ceiling of loan amount, Maximum loan amount will be 30 times the net monthly income or 2.5 times the net annual income.
Margin – 15% of on road price of Vehicle (30% in case of loans above Rs. 6.0 Lakh)
Repayment – The loan should be repaid in suitable monthly or quarterly installments within a period of 7 years