Salaried persons: Minimum income Rs 10,000 p.m.; Professionals/Self Employed/Business: Must be I.T. assessee; Agriculturists: Min.8 acres of irrigated land.
Quantum of loan
85 per cent of the cost of the vehicle to be purchased, subject to a maximum limit as given below -
Maximum limit of Rs 5.00 lakh : In case of existing corporate customers, their directors and employees. Also in case of others with annual income more than Rs 2.00 lakh. Maximum Limit of Rs 2.50 lakh : In case of others with annual income up to Rs 2.00 lakh.
Rate of interest
13 per cent per annum on reducing balance. 12 per cent in case where collateral security covering entire loan is offered. PLR in case of Medical Practitioner for loan up to Rs 2 lakh. Salaried Person
In case of full collateral/salary tie up - 13 per cent In other cases - 14 per cent *PLR is 12 per cent (wef 1st July, 2001) 1 per cent rebate in interest if the loan repayment is tied up with salary.
Processing fee & documentation charge
1 per cent of loan amount (minimum of Rs 2000)
Repayment Up to 60 equated monthly instalments.
Primary Hypothecation of the vehicle and registration with RTA with bank clause. Collateral: Not mandatory
Pledge of FDR/NSC/KVP etc. Covering the loan amount and or assignment of Life Insurance Policy, its surrender value covering the full value of loan amount. OR Mortgage of house/flat having market value exceeding the loan amount.
Documents required with loan application
Common to all applicants -
Recent passport size photograph (3 copies)
Bank account statement for last six months from which post dated cheques (PDCs) are given. Copy of ration card or copy of driving licence or copy of election commission identity card or copies of first six pages of valid passport.
Asset Liability Statement on the credit report proforma of the Bank. Signature verified from employer/Banker.
Details of collateral securities. In case of mortgage of house property non-encumbrance certificate and latest valuation report. In case of assignment of LIC policy surrender value and copy of latest premium paid receipt.
Additional documents for salaried applicants - Form 16 from the employer. Latest salary slip/ salary certificate from the employer showing all monthly perks and deductions.
Additional documents for self-employed applicants - Latest income tax assessment order for the last three years, certified by a Chartered Accountant.