| Title |
Norms |
| Purpose |
Purchase of New Car And Two Wheeler. |
| Eligibility |
- Salaried person’s, with minimum one year confirmed service.
- Other than salaried with regular source of income.
|
| Limit of loan |
- Maximum Rs.1 Crore for 4 Wheeler.
- Maximum Rs.2 lakh for 2 Wheeler.
|
| Basis of Advance |
- Salaried : Max 40 times of Avg Net Monthly Salary.
Businessmen : Max 5 times of Net Cash Accruals.
- 20% of Ex-Showroom cost for Two Wheeler Loan & 10% of Ex-Showroom cost for Four Wheeler Loan
|
| Repayment Period |
Salaried & Businessmen: 3 years to 5 years. |
| Rate of Interest (Reducing) |
4 Wheeler 2 Wheeler
9.50% 11%
|
| Processing fees |
2 % of the Loan amount. |
| Shareholding |
10% of loan amount |
| Security |
- Hypothecation of Vehicle.
|
| Documentation |
- Duly filled prescribed application form
- Photo Identity & Residence Proof of the Applicant
- Income proof a) or b) as applicable
a)Salaried person : salary slips for last 3 months and bank statement for last 3 month or ITR/Form 16 of the latest one year
b) Businessman/Professional/self employed: last 3 years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
- Proforma Invoice of the Authorized dealer.
|
