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| Purpose : |
| For purchase of new scooter/motor cycle/ car/jeep etc. (Non commercial use – to be registered as Private vehicle) |
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| Eligibility: |
| For two wheelers - Rs. 6,000/- p.m (Gross Salary) |
| For cars - Rs.10,000/- p.m (Gross Salary). |
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| Amount of Loan: |
| 30 months Net take home Salary/Income subject to the condition that net take home salary after deduction of proposed loan instalment should not be less than 40% of the gross salary. Income of the spouse can also be considered if spouse agrees to guarantee the loan. In case of existing home loan borrowers, net take home salary should not be less than 30% of gross salary after payment of the proposed loan instalment. |
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| Maximum Loan Ceiling: |
For two wheelers - 90% of the cost of two wheeler including registration charges, insurance and road taxes.
For new cars - Rs.10 lacs. |
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| Security: |
| Hypothecation of the Vehicle & Personal Guarantee(s) required. |
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| Margin: |
| For two wheelers - 10% |
| For cars -15% |
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| Process Fee |
| 0.50% of loan amount with minimum of Rs. 500/-. |
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| Click Here for Rate of Interest |
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| Repayment: |
| For Two Wheeler |
60 months (maximum) |
| For New Car/MUV |
84 months (maximum) |
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| In case of employee, subject to remaining period of service/ repayment capacity. |
| For second hand Cars : Maximum Rs.7.50 lacs |
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| margin @ 20.00% under TVS(True Value Scheme) and 30% for Non TVS @ PLR+0.75% for repayment upto 36 months and PLR+1.25% for repayment above 36 months. |
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| SCHEME FOR FINANCING AUTOS/TAXIS |
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No of Vehicles
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| Maximum of 10 (ten) vehicles per entity irrespective of it being an individual, partnership, sole proprietorship, private Ltd./ Public Ltd Companies. |
| In case of Trusts, loan shall be considered only at Regional Office level as per the existing guidelines in vogue. |
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| Margin and Extent of Loan |
| 25% of the cost of vehicle with a maximum of Rs.5.00 lacs. |
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| Penal Interest. |
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| In case of delayed payment, a penalty of 2% on the overdue amount for the delayed period shall be charged. |
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| Process Fee |
| 0.50% of loan amount with min. of Rs.500/- |
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| Classification |
| Priority Sector under Small (services) Enterprises. |
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| Repayment |
| In 48 equated monthly installments. However, repayment can be considered upto 60 months in deserving cases by the sanctioning authority on merits of each case. |
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| Collateral Security |
| Loan Amount Upto Rs.2.00 lacs- Two personal guarantees of adequate means acceptable to the Bank. |
| Loan Amount Above Rs.2.00 lacs- Tangible collateral security in the shape of property equivalent to 100% of the value of the loan. OR NSCs, FDR, LIP (surrender value) and other chargeable Govt. securities equivalent upto 100% of the loan. |
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| Click here to view PLR Rates |
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| Help Line No- 1800-180-1235, 0124-2340940 |
| For unresolved queries- 011-25718132 |
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