Vehicle Loan

Purpose

For Purchase of 4 Wheelers Car / Jeep etc.,

Eligibility

• SALARIED CLASS

  Salaried individuals (with or without salary tie-up) should have a minimum gross salary of ₹3.00 lakh p.a.

  Net take home (NTH) salary after taking into consideration the installment of proposed loan should not be less than 25% of the gross salary/ income subject to a minimum of ₹12,000/- per month.

• BUSINESS AND PROFESSIONAL CLASS

  This category should have a minimum gross annual income of ₹3.00 lakh p.a. as per latest ITR/ITAO
  OR
  should have a minimum gross annual income of ₹3.00 lakh p.a. as per latest ITR/ITAO subject to 3 years’ Annual Average Gross Income not less than ₹2.50 lakh.(in case if they are engaged in business /profession for more than 3 years) Subject to net take home after taking into consideration the installment of proposed loan should be 25% with a minimum of ₹12,000/- p.m.

• AGRICULTURIST

  The borrower should possess a minimum of 5.00 acres of Perennially Irrigated land/10 acres of dry lands
  OR
  A minimum of 2.50 acres of Plantation Crops.

• FOR LOANS ABOVE ₹10.00 LAKHS

  Obtention of income tax returns for the previous 3 Years is Mandatory.

Loan Amount

In respect All types of Brand new Vehicles including Electric Vehicles), total value is inclusive of invoice value, life tax, registration charges, insurance premium and other accessories (upto ₹25,000/-)

Margin

Salaried / Business /Professional Class

Agriculturist

Repayment

• 60 Months. For Agri-12 EHI.

Security

• Hypothecation of Proposed vehicle to be purchased.
• Comprehensive insurance for the full value of the vehicle with Bank clause.
• In respect of loans to Agriculturists Suitable guarantor good for the amount shall be obtained.

Insurance

• Mandatory