• Salaried and other regular income earners with a minimum of 2 years standing/ experience in their line of activity

• Spouse of NRIs, based on the monthly income of the NRI.

Eligible Amount Maximum

• New Cars/Jeeps 30 times net monthly income Rs.8 lakhs

• Second hand cars 30 times net monthly income

• (vehicles upto 2 years old) Rs.3 lakhs

• (vehicles 2 to 5 years old) Rs.2 lakhs
  

15% of the cost of the new car to be purchased

30% for second hand cars upto 2 years old

50% for second hand cars above 2 years upto 5 years old

New Cars 84 equated monthly installments

Second hand cars 60 equated monthly installments

Primary : Hypothecation of the vehicle purchased out of bank finance.

Collateral (for loans above Rs. 50000/-) :

Personal guarantee of one or two persons of sufficient worth, where check-off facility is not available.

Insurance Comprehensive Insurance is compulsory for all loans for purchase of vehicle.

• Application form (in duplicate)

• Passport size photos (2 nos)

• Proof of income

In the case of salaried persons :

• Salary Certificate showing deductions

• Authorisation to deduct monthly installments from the salary of the employee for credit of the loan account where check-off facility is available.

• Statement of computation of taxable income

• A proforma invoice of the vehicle proposed to be purchased

• Details of gurantors