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Purpose
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Purchase of new vehicles
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Takeover of Existing Vehicle loans
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Purchase of second hand vehicles
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Reimbursement for newly purchased cars (Restricted to up to 3 months of purchase)
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Target
Customers
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Age
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Minimum
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18 Years
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Maximum
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- 60 years or superannuation age(salaried)
- 65 years (Self Employed & Pensioner)
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Amount
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Minimum
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Rs 1.00 lacs
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Maximum
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- Rs. 100.00 Lakhs (New Car)
- Rs. 50.00 Lakhs (Used Car)
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Tenure
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Minimum
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12 months
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Maximum
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- 84 months (for new car)
- 60 months (for used car)
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LTV
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For New cars
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Up to 95%
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For Used cars
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Up to 75%
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Interest rate
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To view interest rate click here
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Eligibility
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Eligibility- Minimum Bureau Score of 740 and -1 to 5 without credit history for applicant/ Co-applicant
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Minimum 2 years of total employment with minimum 1 year in current employment.
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Minimum 3 years business experience
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Features
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Processing fees
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1% of the loan amount with maximum ceiling of Rs.10,000/-
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Penal Interest
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2% p.a. for the defaulted amount for the defaulted period
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EMI/Cheque Bounce charge
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Rs.300.00+Service tax
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Cheque/ECS swap charges
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Rs.500.00+Service tax
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