Vehicle Loan

 

This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 3 years.

Eligible Borrower Type

1. Salaried Group
   • Central/State/PSU/Autonomous bodies/Govt. Inst./Govt. Aided Inst.
   • Confirmed Employee with minimum 6 months completed service
   • All others: Confirmed employees with service of atleast 6 month
   • Regular employee of Proprietorship Firm & Partnership Firm: 12 months of service
2. Non - Salaried
   • Established professionals & Self Employed, Businessmen
   • Farmer and Agriculturists
3. Business Concerns (Corporate & Non Corporates)
4. Ex-staff and Pensioners
5. NRIs

Income Criteria

1. Salaried
   • Minimum monthly take-home pay would be Rs.20,000/- at all centres after all statutory deductions and existing loans liabilities + EMI of the proposed loan.
   • Maximum loan limit 36 times of Gross Monthly Income.
2. Non - salaried Borrower
   • Minimum Income criteria for Professionals & Self-employed Businessman would be Rs.5.00 lac p.a. in Metro Centres and Rs.4.00 Lacs p.a. in other centres as per ITR/ Assessment of ITR during the preceding year.
   • Maximum loan limit three times of average gross annual income for the last 2 years.
3. Farmers & Agriculturists
   • Minimum Gross Income of Rs.4.00 lacs p.a. during the previous financial year.
   • Farmers having land holding in their own name.
   • Maximum loan limit three times of Annual Income of the previous financial year.

* Clubbing of income of spouse, Father, Mother, Son(s), Daughter(s), Brother (own), Sister (own) is allowed. However, only one co-applicant can be considered for clubbing of income.

4. Business Concerns (Corporates & Non Corporates)
   • Business concern must be in profit for last 2 years and cash flow during the currency of loan must be sufficient enough to repay the proposed loan after satisfying all existing liabilities if any.

Age

Minimum age 21 years & Maximum age up to 70 years including repayment period.

Margin Requirements

1. New Car: 10% for new vehicle
2. Pre-used Car:
   1. 20% of Valuation (price quoted by OEM backed Certified Car Dealers/ Reputed Car Dealers) No valuation certificate is required .Vehicles up to 3 years old are eligible.
   2. In other cases, 30% of Valuation by approved valuer or surveyor of any General Insurance company / certified automobile engineer or IDV (Insured's Declared Value), whichever is lower, for pre-used cars. Vehicles up 3 years old are eligible.

Insurance

Car should be Insured under Comprehensive Insurance with requisite Bank clause, preferably through Bank's Channel Partner.

Quantum of loan

1. For New Car:
   • Maximum finance would be 90% of the on Road Price i.e. Ex Show Room Price+Cost of Registration +One Time Road Tax+ Insurance(one time) with no ceiling on maximum loan amount.
2. For Pre - used Car
   • 80% of price quoted by OEM backed certified car dealers/Reputed Car Dealers & valuation or price quoted by reputed dealers but not more than 100 Lakh for pre used cars.
   • Rs 10 lacs if purchased from others

Repayment

• New Car: Maximum 84 EMI
• Pre-used Car: Maximum 60 EMI

Rate of Interest

 

Category A: Permanent employee of Central Govt. /State Govt. / PSU/Autonomous Bodies (Controlled by Govt.)/ Govt. Institutes/Govt. Aided Institutes/Employee of Nifty 500 company/Employee of Fortune 500 company maintaining Salary Account with our Bank.

Category B: Permanent employee of Central Govt./State Govt./ PSU/Autonomous Bodies (Controlled by Govt.)/ Govt. Institutes/ Govt. Aided Institutes/Employee of Nifty 500 company/Employee of Fortune 500 company not maintaining Salary Account with our Bank.

For Pre Used Vehicle:

ROI for Pre Used Vehicle if purchased from OEM backed Certified Car Dealer/Reputed Car Dealer will be 2% over and above the applicable card rate

ROI for Pre Used Vehicle if purchased from Others, Rate of Interest will be 3% over and above the applicable card rate

Processing Charge

0.50% of the loan amount subject to a ceiling of Rs. 5000 Plus GST as applicable. (Waived upto 30.06.2024)

Documentation Charges

1. For loan Upto 25000/-: NIL
2. Loan above 25000/- : Rs. 250/- per lac (Waived upto 30.06.2024)

Prepayment Charges : NIL

Document Checklist

For more details please contact nearest branch.

 

Purpose

1. For Purchase of New Car.

2. Rate of Interest: Additional concession upto 0.25% on the applicable Rate of Interest based on CIBIL score/Category Other terms & conditions.

1. Existing Home Loan Borrowers who have been paying EMI regularly for minimum 1 year and the loan remains standard throughout the tenure of Loan(s). (Min Margin is 10% & 0.15% concession in applicable interest rate slab.
2. Existing Home Loan Borrowers who have been paying EMI regularly for minimum 2 year and the loan remains standard throughout the tenure of Loan(s). (Min Margin is 10% & 0.25% concession in applicable interest rate slab.
3. Existing Home Loan Borrowers who have been paying EMI regularly for minimum 3 year and the loan remains standard throughout the tenure of Loan(s). (Min Margin is NIL & 0.25% concession in applicable interest rate slab.

This is an easy finance scheme for purchase of a new two wheeler.

Income Criteria

1. Salaried borrower
   1. Minimum gross salary of Rs.8000/-p.m
   2. Minimum take home income of 40% p.m. after taking into account the EMI of the proposed two-wheeler vehicle loans..
2. Non-salaried borrower
   1. Minimum income of Rs. 1 lac p.a as per Income Tax Return/Assessment order in the preceding year OR minimum income of Rs. 1.50 lacs p.a for purchase of feature rich vehicles.
   2. 40% take home pay shall be ascertained.
   3. Agricultural Borrower- Self-declaration of income to the satisfaction of Sanctioning Authority.

Age Criteria

1. Salaried Borrower : 21 to 55 years
2. Non-Salaried Borrower : 21 to 60 years

Amount of Loan

Maximum Loan Amount Rs.60,000/-(May be enhanced to Rs.1 lac for feature rich two-wheelers).

Processing Charge

1.00% of the loan amount with Minimum Rs.500/-

Margin

10% of the total on road cost

Repayment

Maximum 48 Equated Monthly Installments.

Rate of Interest

Uco Float Rate + 4.80

Accounts with full liquid collateral security 1.00% interest Rebate

Accounts with 50% liquid collateral security 0.50% interest Rebate

Prepayment Charges

No pre-payment charges.

Fixed Rate: Additional Fixed Rate Premium (FRP) of 1.00% over and above the applicable card rate at the time of sanction/switchover when customer opts for fixed rate option. Fixed Rate Premium will be revised by Bank from time to time based on fluctuation in Repo Rate.