| |
| Eligibility |
- Salaried
Individuals in permanent employment
|
|
- Professionals
& self-employed persons
|
|
|
| Sanction
Limit |
- 75%
of the value of a new vehicle
|
|
- 50%
of approved valuer’s value of 2nd hand vehicle
|
|
- 50%
of estimate for repairs & renovation
|
|
|
|
|
Repayment period |
- New
Vehicle - 4 years to 5
years (depending on loan amount)
|
|
|
|
|
|
|
| Rate
of interest |
|
|
- Calculated
on the daily reducing balance of the loan
|
|
|
| Security |
- Hypothecation
of vehicle purchased
|
|
|
|
|
| Documents
Required |
- Proof
of Residence - Xerox copy of Ration Card/Electricity Bill/Telephone
Bill
|
|
- Proof
of Income - Salary Slip
or last 3 years Balance Sheet or Tax Returns
|
|
- Proforma
invoice (for new vehicle)
|
|
- Valuation
Certificate from Bank's approved valuer (for 2nd hand vehicle)
|
|
- Comprehensive
Insurance with Bank clause
|
|
- Bank’s
charge to be registered with RTO
|
|
|
