Vehicle Loan

 

This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 3 years.

Eligible Borrower Type

1. Salaried
   • . Regular Employee with minimum 6 months completed service. Regular employees of proprietorship firm and Partnership firms must have completed 12 months of service
2. Non - Salaried
   • Established professionals & Self Employed, Businessmen
   • Farmer and Agriculturists
3. Business Concerns (Corporate & Non Corporates)
4. Ex-staff and Pensioners
5. NRIs

Income Criteria

1. Salaried
   • Minimum monthly take-home pay would be Rs.20,000/- at all centres after all statutory deductions and existing loans liabilities + EMI of the proposed loan.
   • Maximum loan limit 36 times of Gross Monthly Income.
2. Non - salaried Borrower
   • Minimum Income criteria for Professionals & Self-employed Businessman would be Rs.5.00 lac p.a. in Metro Centres and Rs.4.00 Lacs p.a. in other centres as per ITR/ Assessment of ITR during the preceding year.
   • Maximum loan limit three times of average gross annual income for the last 2 years.
3. Farmers & Agriculturists
   • Minimum Gross Income of Rs.4.00 lacs p.a. during the previous financial year.
   • Farmers having land holding in their own name.
   • Maximum loan limit three times of Annual Income of the previous financial year.

* Clubbing of income of spouse, Father, Mother, Son(s), Daughter(s), Brother (own), Sister (own) is allowed. However, only one co-applicant can be considered for clubbing of income.

4. Business Concerns (Corporates & Non Corporates)
   • Business concern must be in profit for last 2 years and cash flow during the currency of loan must be sufficient enough to repay the proposed loan after satisfying all existing liabilities if any.

Age

Minimum age 21 years & Maximum age up to 70 years including repayment period.

Margin Requirements

1. New Car: 10% for new vehicle
2. Pre-used Car:
   1. 20% of Valuation (price quoted by OEM backed Certified Car Dealers/ Reputed Car Dealers) No valuation certificate is required .Vehicles up to 3 years old are eligible.
   2. In other cases, 30% of Valuation by approved valuer or surveyor of any General Insurance company / certified automobile engineer or IDV (Insured's Declared Value), whichever is lower, for pre-used cars. Vehicles up 3 years old are eligible.

Insurance

Car should be Insured under Comprehensive Insurance with requisite Bank clause, preferably through Bank's Channel Partner.

Quantum of loan

1. For New Car:
   • Maximum finance would be 90% of the on Road Price i.e. Ex Show Room Price+Cost of Registration +One Time Road Tax+ Insurance(one time) with no ceiling on maximum loan amount.
2. For Pre - used Car
   • 80% of price quoted by OEM backed certified car dealers/Reputed Car Dealers & valuation or price quoted by reputed dealers but not more than 100 Lakh for pre used cars.
   • Rs 10 lacs if purchased from others

Repayment

• New Car: Maximum 84 EMI
• Pre-used Car: Maximum 60 EMI

Rate of Interest

 

Category A: Permanent employee of Central Govt. /State Govt. / PSU/Autonomous Bodies (Controlled by Govt.)/ Govt. Institutes/Govt. Aided Institutes/Employee of Nifty 500 company/Employee of Fortune 500 company maintaining Salary Account with our Bank.

Category B: Permanent employee of Central Govt./State Govt./ PSU/Autonomous Bodies (Controlled by Govt.)/ Govt. Institutes/ Govt. Aided Institutes/Employee of Nifty 500 company/Employee of Fortune 500 company not maintaining Salary Account with our Bank.

For Pre Used Vehicle:

ROI for Pre Used Vehicle if purchased from OEM backed Certified Car Dealer/Reputed Car Dealer will be 2% over and above the applicable card rate

ROI for Pre Used Vehicle if purchased from Others, Rate of Interest will be 3% over and above the applicable card rate

Processing Charge

0.50% of the loan amount subject to a ceiling of Rs. 5000 Plus GST as applicable. (Waived upto 30.06.2024)

Documentation Charges

1. For loan Upto 25000/-: NIL
2. Loan above 25000/- : Rs. 250/- per lac (Waived upto 30.06.2024)

Prepayment Charges : NIL

For more details please contact nearest branch.

 

Purpose

1. For Purchase of New Car.

2. Rate of Interest: Additional concession upto 0.25% on the applicable Rate of Interest based on CIBIL score/Category Other terms & conditions.

1. This facility is available to only those home loans borrowers who have been paying EMI regularly for minimum one years after moratorium period and are regular during the entire tenure of the loan.
2. The facility is not available to those borrowers whose home loans accounts have been restructured/rescheduled during the tenure of the loan.

This is an easy finance scheme for purchase of a new two wheeler.

Income Criteria

1. Salaried borrower
   1. Minimum gross salary of Rs.8000/-p.m
   2. Minimum take home income of 40% p.m. after taking into account the EMI of the proposed two-wheeler vehicle loans..
2. Non-salaried borrower
   1. Minimum income of Rs. 1 lac p.a as per Income Tax Return/Assessment order in the preceding year OR minimum income of Rs. 1.50 lacs p.a for purchase of feature rich vehicles.
   2. 40% take home pay shall be ascertained.
   3. Agricultural Borrower- Self-declaration of income to the satisfaction of Sanctioning Authority.

Age Criteria

1. Salaried Borrower : 21 to 55 years
2. Non-Salaried Borrower : 21 to 60 years

Amount of Loan

Maximum Loan Amount Rs.60,000/-(May be enhanced to Rs.1 lac for feature rich two-wheelers).

Processing Charge

1.00% of the loan amount with Minimum Rs.500/-

Margin

10% of the total on road cost

Repayment

Maximum 48 Equated Monthly Installments.

Rate of Interest

Uco Float Rate + 4.80

Accounts with full liquid collateral security 1.00% interest Rebate

Accounts with 50% liquid collateral security 0.50% interest Rebate

Prepayment Charges

No pre-payment charges.

Fixed Rate: Additional Fixed Rate Premium (FRP) of 1.00% over and above the applicable card rate at the time of sanction/switchover when customer opts for fixed rate option. Fixed Rate Premium will be revised by Bank from time to time based on fluctuation in Repo Rate.

S. No.	Particulars	Guidelines
1.	Target Group	i)      Salaried Class - Regular employee with service of at least 6 months However Regular employees of proprietorship firm and Partnership firms must have completed 12 months of service ii)     Non-Salaried Class - Professionals, Self Employed, Directors of companies and Businessmen   iii)   Our Staff Members
2.	Purpose	For purchase of New Two Wheeler for own use
3.	Age	Minimum-21 years Maximum-60 years including repayment period
4.	Income Criteria	A.    Salaried Class   Minimum Gross Monthly Income of Rs.50000/- per month.   B.     Non-Salaried class   Minimum Average Annual Income of Rs. 6 lakhs as declared in last 3 ITRs.  Depreciation can’t be added to PAT/Net Profit for determining eligibility criteria.   Income Tax Returns for the last three years are to be taken. IT return for respective year should have been filed before beginning of next Financial Year. For e.g. IT return for FY 2021-22 should have been filed before 31/03/2023.   The monthly gross Income should be computed from annual income (net profit) as declared in latest IT return and dividing the same by 12.   In both cases (Salaried or non-Salaried), Other regular income(s) like rent, interest, dividend etc. may be taken into account for reckoning the eligible quantum of loan subject to production of documentary evidence like IT returns etc. Such income(s) should also reflect in account statement of applicant.   In both cases (Salaried or non-Salaried), after all deductions like Income Tax, other Statutory deductions, EMI obligations including EMI of the proposed loan, the Applicant/Co-applicant must meet the Minimum Net Take Home Pay/Net Income of 30% of GMI. Subject to minimum Net Take Home Pay/Net Income of Rs.30,000.
5.	Clubbing of Income	Income of Spouse, Father, Mother, Son, Daughter, can be clubbed to compute/enhance loan eligibility on their agreeing to stand as Co-Applicant.   Only one Co-applicant can be considered for clubbing of income.   Clubbing of Income should be allowed in deserving cases only where the income of such Co-applicant is available for servicing of the loan throughout the tenure of the loan. In case of recovery through NACH, EMI should be recovered from the Borrowers in the proportion of their respective income considered.
6.	Minimum Margin	15% for loans up to 10 Lakh and 25% for loans above 10 Lakh of (On-Road price* for new two wheeler + Insurance premium for Group credit life insurance from our Channel Partner).   *On-Road Price = Ex Show Room Price + Cost of Registration + One Time Road Tax + Insurance (One Time) Margin to be deposited upfront or at the time of disbursement.
7.	Guarantee	Requirement of Personal guarantee is not mandatory
8.	Quantum of Loan	Minimum Loan Amount : Rs.1.5 Lakh Maximum Loan Amount : No Upper Cap
9.	Repayment Period	Maximum 60 EMIs commencing from one month after disbursement   Branches are advised to collect the notional interest for the days between the date of disbursement and last date of month of sanction and keep in the savings account to prevent slippage of account to SMA 0   NACH Mandate/Auto Recovery mandate must be obtained without fail and marked in Finacle System.   NACH Mandate form must be obtained before disbursement. Date of execution of NACH mandate should preferably be five days before demand date in Finacle. Auto Recovery facility (If applicable) must be enabled in Finacle before disbursement.