Purpose: This loan finances purchase of vehicles.
Eligibility:Any Salaried person Individuals/Professionals & Self Employed who is an income tax assessee for the last 3 years or form No.16 with minimum net income of Rs.10,000/- can avail this loan. Any businessman who is an income tax assessee for the last 3 years, with minimum net monthly income of Rs.10,000/- can also avail this loan.
Quantum of Loan: The maximum amount of loan that will be granted is Rs.10 lakhs. Maximum of 25 times the net monthly income is granted as loan in the case of salaried employees. Incase of businessmen, up to a maximum of 20 times the net income is granted as loan.
Rate of Interest:
| Personal | 2 and 4 wheelers | 12.5% |
| Commercial | Up to Rs. 5 lakh | 14% |
| Above Rs. 5 lakh | 15% | |
| Second hand car with 25% margin | 13% |
Repayment: The maximum period of repayment of the car loan is 60 months.
Guarantee: Two sureties / guarantors with adequate means in relation to loan amount and paying income tax should be provided and they should be shareholders / nominal members.
Documents Required: Last three years income statements / financial papers duly certified / audited.