Avail loan for purchase of a Old car/van/jeep/MUV/SUV, which are not older than three years.
Avail loan up to Rs. 1 Crore or 25 times of Net Monthly Salary / Pension/ Income, whichever is lower for individuals/Proprietors.
Income of Parent(s)/Spouse/ Earning Children can be added to determine loan amount/eligibility. However, out of above, income of only one person can be added and he/she will act as a co-borrower.
Loans for higher amount may be considered on the merits of the case.
No ceiling of loan amount for Business Concerns (Corporate or Non-Corporates), for one or more vehicles.
No pre-payment charges applicable on a loan borrowed at a fixed rate of interest. A prepayment charge of 2% on the outstanding pre-paid will be levied to the customer, if the loan is borrowed at a floating rate of interest.
The borrower will get zero prepayment charges if the loan is prepaid by the borrowers from their own sources or if the borrower shifts to other bank within 30 days from the date of upward revision in the rate of interest or change in other terms of sanction.
You can repay the loan amount in maximum 60 months.
In case, the borrower is engaged in agriculture & allied activities, repayment period will be applicable as Half yearly/yearly intervals coinciding with the time of harvest.
A floating rate of 8.70% will be applicable for the borrowers with credit score of 750 or above. A floating rate of 8.90% will be applicable for the borrowers with credit score of between 700 to 749, and 9.15% interest rate if credit score is under 700.
An interest rate of 9.30% will be applicable if the loan is borrowed at a fixed rate.
Processing Fee :
Pre Closure Fee : Up to 2%
Late Payment Fee :
Loan to Value Ratio :
Part Payment Fee : 0
MCLR : 8.35%
Bank account statement of the last 6 months.
Identity Proof: Voter's ID card / Driving license / Job card issued by NREGA / Aadhaar card / PAN card (PAN card only as identity proof)
Address Proof: Passport / Voter's ID card / Driving license / Aadhar card
Income Proof: Form 16 /Latest salary slips
Business concerns (corporate or Non-Corporates).
Minimum net monthly income of Rs.20000 required.
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