PURPOSE

To purchase-

A) New Car/Van/Jeep

B) Old Car/Van/Jeep not older than three years.

ELIGIBILITY

Individuals.

MINIMUM INCOME

Related with loan Amt.

MARGIN

20%

NATURE OF LOAN & LOAN AMT.

T/L – 25 Times monthly net Income or Rs.7 lac W.E.L. Income of spouce can be taken into A/c. In such case the spouse shall stand as a guarantor.

INTT. RATE

Upto Rs.2.00lac – 11.5%p.a.[Qly.Comp.]

Above Rs.2.00 lac – 12%p.a.[Qly.Comp.]

SECURITY

Primary- Hyp. Of Vehicle

Collateral- guarantee of spouse if employed or third party guarantee or Collateral Security.

REPAYMENT

New Vehicle - 84 months

Old Vehicle – 60 months, For Agricultrists may be H/Y/Yearly Instalments-New-7yrs,Old–5 yrs.

UPFRONT FEE

0.6% of the loan amt.

DOCUMENTATION CHARGES

Rs.300/-

GENERAL

i-Valuation of old vehicles can be done at current invoice price for the new vehicle-15% depreciation per annum on straight time method.

ii- For Agriculturists net income can be arrived at based on land holding/cropping pattern, yield etc.

iii-Net Income=Gross Income-All deductions

Ref. Cir. No.

02/06 dated 04.01.06

EMI Calulator

Loan Schemes