| Purpose |
- To purchase car / van / jeep/ Multi Utility Vehicles/ Sports Utility Vehicle
(non-commercial purpose only) for individual and business concerns
|
| Eligibility |
- Gross monthly income (Self employed/Business/Salaried & Other income) of borrower along with that of spouse/other family members should be at least double of monthly installment of the loan
|
| Limit |
- For individuals: 30 times of Net Monthly income or loan amount whichever is lower
- For business concerns: Need Based
|
| Margin |
- Private Vehicles (Personal Use) – Minimum 40% margin (i.e., maximum 60% LTV)
- Electric Vehicles (Personal Use) – Minimum 40% margin (i.e., maximum 60% LTV)
|
| Interest rate |
|
| Repayment |
|
| Security |
- Registration of the vehicle in the name of the bank
- Acceptable Collateral security
- Personal guarantee of person(s) acceptable to the Bank shall be obtained.
|
| Insurance |
- Comprehensive policy with third party insurance as per banks’ clause.
|
