| 1.Eligibility |
Employees of Central / State Govt., PSUs ,Local Registered Bodies, universities recognized by U.G.C. ,Schools/ colleges run by Govt. or local bodies with confirmed service of 3 years Professionals /Self Employed , Employees of corporates clients of Bank and General public. |
| 2.Age limit |
21 to 65 years |
| 3. Quantum of loan |
Salaried Class : For New Vehicles :Thrice the average of annual income of past three years as per ITR / Salary details subject to a maximum of Rs.10 lac . ( Income of spouse can be clubbed)
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For Old Vehicles : Quantum of loan not to exceed Rs.5 lac
Professionals/ Self employed, CAs doctors , Architects and General public: For new vehicle segment. Thrice the average of annual income of the past three years as per ITR subject to a maximum of Rs.10 lac ( Income of spouse can be clubbed ).
For Old Vehicles :Quantum of loan not to exceed Rs.6 lacBeyond Rs.10 lac , the proposals should be sanctioned after proper appraisal outside the purview of schematic lending. For this BM /ZM may take up sanctions with in their ' maximum aggregate discretionary powers" for term loans for higher limits upto Rs.30 lac , after compliance of guidelines like margin, income etc
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| 4.Margins |
For New vehicles 10%For old vehicles 30% ( Amount of loan shall not exceed 70% of market value of vehicle or value of vehicle net of depreciation @ 20% whichever is low)
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| 5.Rate of interest
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| 6.Processing fee |
Rs.100/- for two wheelers and Rs.500/- for Cars /Vans / Jeeps |
| 7.Security |
Hypothecation of vehicle. RC / comprehensive insurance policy with bank clause incorporated therein .
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8.Guarantee |
Third party / mutual guarantee / guarantee of spouse except in salaried class cases where instalment is paid by salary deduction and undertaking from employer for remitting the terminal benefits is available . |
| 9.Repayment |
For new vehicles 60 months. For old vehicles Maxm.36M
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| 10.Prepayment Charges |
1% of the outstanding balance.
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