V Wheels Four Wheelers


 

        V- WHEELS - (New & Used cars and New Two wheelers)

 

 

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Purpose

 

 

 

 

  • For purchase of new car/SUV/ two wheeler of any make for private use or professional or business use.
  • For purchase of second hand/used 4 wheeler / SUV of not more than 5 years old.
  •  No loan on second hand two wheelers

 

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Eligibility

 

Salaried persons satisfying the following conditions:

  • Individual aged between 21 years and 60 years.
  • He /She is a permanent employee of:
  • State/Central Government.
  • A public sector/joint sector undertaking or a Corporation.
  • Reputed Public Limited Company/Autonomous bodies.
  • An established education institution/aided college/ school.
  • Any private establishment.

Pensioners drawing Service Pension (RPR, Family Pensions etc.) through our Bank.

Professionals and Self Employed Persons such as Doctors, Engineers, Architects, Chartered Accountants, Lawyers, Consultants, Agriculturists and Businessmen etc. aged less than 70 years having independent income.

Loan can be provided to Partnership firms and Companies also.

Minimum net take home salary/income of 30% after all deductions including EMI of the proposed loan. Income of spouse, major children including unmarried daughters, supporting the borrower financially can be included provided they join in the execution of loan documents as co-borrowers.

 

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Nature of facility

 

Term Loan

 

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Quantum of Loan  Max/Min.

 

Loan up to 85% of the on road price including registration expenses and accessories in case of new vehicles.

In case of second hand/used vehicles (not more than 5 years old), 70% of the market value/value given by the approved valuer whichever is less can be considered.

Extending loan to the extent of 100% of the On-Road cost of the vehicle is permitted in case of all category of borrowers who have availed various loans by mortgaging their land and building irrespective of salaried or non-salaried class after maintaining requisite margin on existing exposure by taking continuing security of immovable property subject to satisfactory track record in repayment / conduct of existing account/s. Continuing charge is to be created as per State Acts / HO guidelines.

 

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Margin

 

15% in case of new vehicle and 30% in case of used car/Second hand car.

Nil- in case of borrowers who have  mortgaged their land and building for the existing loan/s availed by them irrespective of salaried or non-salaried class after maintaining requisite margin on existing exposure by taking continuing security of immovable property subject to satisfactory track record in repayment / conduct of existing account/s.

 

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Rate of interest

 

Click Here

 

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Security

 

Hypothecation of vehicle purchased out of Bank Finance. Hypothecation is to be got noted in RC Book issued by the RTA.

 

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Guarantor

 

Third Party Guarantee is to be obtained with suitable income and net worth.

For NRI borrowers – Third Party Guarantee of Local Resident is mandatory.

 

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Processing fees/other charges

 

 

Processing Charges  as below:

 

For loans Upto & inclusive of Rs.1 lakh- Rs.500.

For loans above Rs.1.00 lakhs-0.50%+ST with a           minimum of Rs.1,500+ST and a maximum of Rs.10,000+ST.

 

Inspection Charges as below:

 

 

For loans up to Rs.1.00 lakhs -- Rs.500+ST  

 

For loans above Rs.1.00 lakhs and up to Rs.10.00   lakhs --  Rs.2000+ST

For loans above Rs.10.00 lakhs --  Rs.4000+ST

Note: Inspection charges are one time basis only at the time of disbursal of loan.

 

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Repayment

 

 

Four wheelers New cars - Maximum of 84 months

 

used/2nd hand cars - Maximum of 60 months

Two wheelers - Maximum of 60 months

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Any other matter

Special offer for housing loan customers:

100% finance

Interest concession of 0.15% over prevailing rate

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