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Requirement:

Purchase of a New Car/ Electric car


Eligibility:

  1. Salaried persons with minimum one year confirmed service.
  2. Other than salaried with regular source of income.

Loan Amount:

Maximum limit of Rs. 150 Lakh

Basis of Advance:

1. Salaried: 40 times of   Avg Net Monthly Salary 
     Businessmen: 4 times of Avg Gross Cash accruals
     or latest audited gross cash accrual with justification
2. Basis of Advance:  90% of Ex- showroom cost, insurance & registration charges (upto 100% - to loyalty customer.)

1 or 2 , whichever is lower


Margin:

10% of on-road cost

Repayment Period:

Salaried & Businessmen: Maximum of 7 years.

Takeover of loans:

Takeover of car loans from other Banks/Institutions, subject to norms.

  1. Age of the car not to exceed 3 years
  2. Total repayment period including other bank should not exceed 7 years

Rate of Interest (Fixed): w.e.f. 01.07.2022

Period ROI
Up to 3 years 7.25%
Above 3 years to 5 years 7.50%
5 years to 7 years 8.00%

Processing Fees: 

  1. For Loans upto Rs.10 Lakh - 0.50% of loan amount maximum Rs.3000/-
  2. For loans above Rs.10 Lakh - Rs.5000/- + GST
  3. Electric vehicle - Nil

Shareholding:

As per extant shareholding norms.

Security:

Hypothecation of car

Documents Required:

  1. Duly filled prescribed application form Photo Identity & Residence Proof of the Applicant.
  2. Income proof a) or b) as applicable.
    1. a) Salaried person: salary slips for last 3 months and bank statement for last 3 month or ITR/Form 16 of the latest one year.      
    2. b) Businessman/Professional/self-employed: last 3 years’ profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
  3. Proforma Invoice of the Authorized dealer.

Conditions Apply