- For purchase of new passenger Cars, Multi Utility Vehicles (MUVs),SUVs etc…for private use.
- In case the loan is granted to Corporates, the vehicle should be used exclusively by the Proprietor / Partners / Directors / Trustee / Executives of the Firm / Company / Trust and should not be registered as commercial vehicle.
- Registration of the vehicle should be done in the name of applicant /co-applicant having local residential address proof.
- Employees and Directors of private, Public Limited Companies / proprietorship/ Partnership Firm, Govt.& Semi. Govt. Employees / individuals high salary earners / Businessmen / Professionals/ Medical practitioner / self-employed persons.
- Minimum Employment—02 years / stable business for 02 years.
Type of Facility
- Term Loan
Limit
- Rs. 100.00 lac for NEW car.
Income Criteria
| Considering Gross Monthly Income ( GMI) | |
|---|---|
| GMI less than Rs.50,000/- | 24 times of GMI. |
| GMI Rs.50,000/- and above but less than Rs. 1,50,000/- | 30 times of GMI. |
| GMI Rs.1,50,000/- and above | 36 times of GMI. |
For others
- 4 times of Net Annual Income (NAI) :
For Salaried Persons: Average of last 3 months' GMI (Gross Monthly Income)
For Others: Average of last 2 years' Net Annual Income (NAI).
Repaying capacity (FOIR - Fixed Obligation to Income Ration)
FOIR-Fixed Obligation to Income Ratio (Repayment capacity) to be calculated in same line with Housing Loan guidelines.
Total deductions including EMI for proposed loan should not exceed as given below:
- For salaried persons
- 50 % for monthly income up to Rs. 20,000/- p.m.
- 60 % for monthly income from Rs. 20,001/- p.m. but less than Rs.50,000/- p.m.
- 65 % for monthly income from Rs. 50,000/- p.m. but less than Rs.2,00,000/- p.m.
- 70 % for monthly income from Rs. 2,00,000/- p.m. but less than Rs.5,00,000/- p.m.
- 75 % for monthly income Rs. 5,00,000/- p.m. and above.
- For Non- salaried persons including farmers
- 60 % for Net Annual income up to Rs. 6,00,000/- p.a.
- 70 % for Net Annual income above Rs. 6,00,000/- p.a. up to Rs. 12,00,000/- p.a.
- 80 % for Net Annual income above Rs. 12,00,000/- p.a.
Margin
- 15% on cost of new vehicle.
- LTV to be calculated on the 'On Road price' which includes Invoice Price, Road Tax, Cost of Registration and Insurance, excluding cost of accessories.
Repayment
- -84- Equated Monthly Instalments (EMIs). ( Maximum)
Third Party Guarantee
- No third party guarantee is compulsory.
Credit Information Report
- Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to Credit Bureaus approved by Govt of India or Reserve Bank of India without any notice to the borrower.