GST No.: 24AABAT4356N1Z6               

Car Loan

Eligibility of borrower
  • Having current / saving account holder of the Bank.
  • Borrower must be a member of the Bank. 
  • Last three years income-tax return should be produced.
  • Must have a valid driving license in his own name, in case of unavailability of self driving license, applicant has to produce a written declaration who will drive on behalf of him along with the copy of driver's driving license.
  • Borrowers should have his own/ family member's residential or business property in their name in the Govt./SMC record.
  • Having sufficient score in CIC's reports.
Purpose of Loan
  • Purchase of new/old vehicles only.
Quantum of finance
  • Up to 85% of quotation value of authorized dealer for new vehicle.
  • Up to 70% of valuation report of approved valuer in case of old vehicle.
  • In case of  margin money deposited in fixed deposit with the bank, loan may be considered at 100% of quotation value.
Share Linkage
  • Borrower must have Bank share Linkage @ 1% of the loan sanction amount.
Repayment period
  • Maximum up to 84 monthly installments.
Rate of Interest 9.50% p. a.
Security
  • Hypothication of vehicle in favour of Bank.
  • One personal guarantor having his own property and last year's income-tax return.
  • Copy of R.C.Book marked with HP clause in favour of the Bank or HP Certificate issued by RTO is mandatory to obtain.
  • In case of loan amount is Rs. 30.00 lakh or above, original sale deed / agreement of the property of the borrower or his family member to be obtain with power of attorney in favour of Bank.
  • In case of commercial vehecle, declaration of borrower with valid license of driver, and if loan amount is Rs. 5.00 lakh or above, orignal sale deed/agreement of property of borrower or guarantor is to be obtain with power of attorney in favour of Bank.
 Vehicle to be insured comprehensively with Bank clause.

 Car Loan