 |
| Scheme Highlights |
| Target Group |
Purpose |
Salaried class, Professionals, Businessmen
and Self-employed persons |
For purchasing new/second hand two/four
wheelers. Age of second-hand vehicle should not be more than 3
years and vehicle to be certified by Automobile Association of India/reputed
Automobile Engineer/Valuer acceptable to the Bank as to the market
value. |
| Eligible Amount |
Margin |
- Maximum Amount:
Two wheelers : Rs.50,000
Four wheelers : Rs.7,50,000
( For high net worth individuals with good repayment capacity, higher
loan amount with a maximum of Rs.15 lakhs for Four wheelers may
be considered )
- Minimum gross monthly income/salary for availing loan for purchase
of car should be Rs.20,000/-
- Salaried class: 20 times the gross monthly income (income
of spouse also can be included with personal guarantee of spouse)
- Professionals/Businessmen: Based on their income earned
and capacity/ability to repay the loan.
Pensioners and Bank Employees are not eligible for the loan.
|
- For Two Wheelers only
Minimum 15%
- For Four Wheelers only
New Vehicles - Minimum 10%
Used Vehicles - Minimum 40%
(age of used Four wheeler not to exceed 3 years)
|
| Interest
rate(w.e.f. 11.08.2008 for fresh accounts)** |
- For Two Wheelers only
14.00% fixed - irrespective of the tenor not exceeding 60
EMIs.
- For Four Wheelers (New Cars)
12.50% fixed upto 36 months
12.75% Fixed beyond 36 months
- For Four Wheelers (Used Cars)
13.50% Fixed upto 36 months
13.75% Fixed beyond 36 months
**IB Vehicle Loan Fixed Rates are subject to reset clause; Interest reset at the
end of every two years on the basis of Fixed vehicle loan rates prevailing then.
|
| Loan Value |
New Four Wheelers: Cost
of Vehicle (In case of need, one time Road Tax, Registration Fee,
Insurance premium and accessories can be added to cost of vehicle
for finance) minus Margin as above.
Used Four Wheelers: Certified Market Value minus
margin
|
| Repayment |
Service charges |
- Repayment in 60 equated monthly instalments (on Equated Monthly
Instalment basis).
- For non-salaried class, post-dated cheques for twelve months
to be given.
|
Rs.250 per lakh or part thereof (subject to revision shortly)
|
| Security |
Insurance |
Up to Rs. 7.50 lakhs:
Hypothecation of Vehicle
Beyond Rs. 7.50 lakhs: For the portion of loan beyond Rs, 7.50 lakhs, 100% collateral security in the form of EM of Properties / NSC / Fixed Deposits or Surrender Value of LIC Policies to be stipulated.
|
Insurance of vehicle with Bank clause
at borrower's cost, to be renewed annually |
| Response
Time |
Sanction in 48 hours in all focus branches,
if the application is complete in all respects.
Note: conditions apply |
