Security
Salaried employees, Professionals, Self-employed
Non-Resident Indians- advance to be granted jointly with Resident Indians (close relative)
(Age of the individual borrower not to exceed 65 years at the time of availing the advance)
Companies, Partnership Firms, Proprietary concern and other types of Corporate entities.
HUFs not Eligible
Quantum of Loan
Maximum limits for finance :
- Individuals (Resident in India) :
- For Indian make vehicles - Rs.25 lacs
- For imported vehicles - Rs.75 lacs.
- For Companies and corporate entities - Rs.100 lacs (Can be a fleet of vehicles)
- Non-resident Indians - Rs.25 lacs.
The limits are subject to :
- 24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns
- Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.
Net take home pay should be at least 40% of income (net of proposed EMI).
Repayment (New Vehicles)
For Individuals - for new vehicles
4 wheelers - Max. 7 years.
For Corporates/Firms, etc. - Max. 5 years.
Security
- Hypothecation of vehicle to be purchased out of Bank finance.
- Charge to be registered with RTO.
- Third party guarantee required in the following cases
- Loans to NRIs – Guarantee of Resident Indian is required.
Vehicles not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs.