Car Loan Scheme PRE-OWNED Cars

Doing your homework before buying a pre-owned car is just as important as choosing the right loan for it. Keeping convenience as our priority, we offer you the best car loan with the lowest interest rate, making your car buying experience smooth.

Eligibility:

Salaried persons with one year confirmed service.
Other than salaried having regular source of income.

Loan Amount:

Min. Rs. 1 Lakh, Max Rs. 100 lakh.

Basis of Advance:

1. Lower of value assessed by valuer or agreed price of the car
a. 70% of cost (as per Banks valuation report or purchase price)* (In case of cars = or less than 2 years)
OR
b. 60% of cost (as per Banks valuation report or purchase price)* (In case of cars more than 2 years but less than 5 years old.

2.CIBIL based
For Salaried
CIBIL >= 750 - 45 times of the net take-home salary (Avg for the last 3 months) of the applicant
CIBIL < 750 - 40 times of the net take-home salary (Avg for the last 3 months) of the applicant
For Businessmen/Self Employed
CIBIL >= 750 - 5 times of Avg Gross Cash accruals
or
Existing Borrower with good track record for last 1 year -latest audited gross cash accrual
CIBIL <= 750 - 4 times of Avg Gross Cash accruals
(1 or 2 stipulated above, whichever is lower)

*Valuation is not required if car is purchased from car manufacturers showroom/Authorised
dealer.

Repayment Period:

Maximum 36 months for Cars more than 3 years but less than 5 years old.
Maximum 60 months for Cars less than or equal to 3 years.

Rate of Interest : w.e.f 12.12.2022

Fixed 10.50% p.a. for both small and high-end car

Processing Fees:

0.25% of Loan amount

Shareholding:

2.50% of loan amount, Maximum Rs. 25000/-

Security:

Hypothecation of car to be purchased.
One guarantor- can be waived for existing customers with recent regular past track record of minimum 1 year or CIBIL is >=750

Documents Required:

Prescribed loan application form
Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
RC/ TC book copy, Vehicle inspection report
Valuation report/proforma invoice from manufacturer or from authorized dealer
In case of salaried person, salary slip for last 3 months and bank statement for last 3 months or ITR and form 16 of latest one year
In case of businessman, last 3 years’ profit & loss & balance sheet, ITR copies of last 3 years, bank statement of business account for last 3 months.

Conditions Apply*

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