Nature of the Scheme

2 wheeler and 4 wheeler loans to Individual

Eligibility

Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers and Rs. 60,000 /- p.a for 2 wheelers. 

Margin amount

10% on road price 

Quantum of Finance

New Vehicle:

90% of road price which includes invoice price, Life tax, Registration charges, Insurance and accessories or 3 years gross salary whichever is lower for 4 wheelers.

90% of road price which includes invoice price, Life tax, Registration charges, Insurance and accessories or Rs. 60,000 /- whichever is lower for 2 wheelers.

Second Sale: (not more than three years old): 60% of garage value or Rs. 5,00,000 /- whichever is lower.

Accessories: not exceed Rs. 5,000 /- for 4 wheelers & Rs. 1,000 /- for 2 wheelers. 

Repayment

For 4 wheelers (New) - minimum 12 months and maximum 72 months (EMI).

For 4 wheelers (Second sale) - 60 months EMI.

For 2 wheelers - minimum 12 months and maximum 60 months (EMI)

Interest rate

As applicable on the date of loan  

Co-obligation

Third party acceptable to the bank for both 4 and 2 wheeler. 

Security

Hypothecation of vehicle purchased 

Documents

Valid driving license

 Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice.

Valuation certificate from reputed garage for second sale. 

Charges

Processing and Administrative charges as applicable.