Scheme for Financing of Four / Two wheeler
Eligible Borrower :
- Salaried Employees/Pensioners /Staff members / Ex-Staff members.
- Businessmen, Professionals, Farmers
- Directors of Private / Public Ltd Co.
- Proprietor of firm, Partners of partnership firm,
- Corporate Entities i.e. Public Ltd Co / Private Ltd Co / Proprietorship firm/Partnership/LLP/Trust/Society etc. earning profit during last two financial years as per audited balance sheet/ ITR.
Purpose - For personal / private use only :
- For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc. for private use.
- For purchase of used car not more than -3- years old for private use.
- For purchase of new Two Wheeler for private use.
Nature & Amount of Facility :
- For New Four Wheeler : Maximum – Rs.75.00 Lakh
- For Old Four Wheeler : Maximum – Rs.25.00 Lakh
- Two Wheeler (New Vehicle only) – Rs.5.00 Lakh
Margin:
- For New Vehicles– Four Wheeler: Minimum 10% of On-road Price*
- Two Wheeler: Minimum 15% of On-road Price
- For Old Vehicles– Minimum 25% of Present Value**.
- *On-road Price: Ex-Showroom Price inclusive of Registration Charges, Life Time Road Tax, Vehicle Insurance and Dealer Handling Charges only.
- **Present value: As per Valuation by Approved garage/valuer.
Rate Of Interest:
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Repayment Schedule:
- New Car (Loan up to 25.00 lac) – Maximum 84 months (EMI)
- New Car (Loan above 25.00 lac)–Maximum 120 months (EMI)
- Old Car – Maximum 48 months (EMI)
- Two Wheeler- Maximum 60 months (EMI)