Individuals /Business Concern having a net Salary/Income not less than 15000/- per month and professional/others who earn not less than Rs. 1,50,000/- per annum (as per IT return) including those already enjoying credit facilities from the bank are eligible for consideration under the scheme. For the computation of net salary/income,the salary/income of the spouse to be added provided he/she stands as a co-obligant to the loan.

Loan may be granted for acquiring four wheeler vehicle only.( Loan is not to be made for the purchase or second hand Vehicles)

The maximum permissible amount of the loan  RS.5,00,000/- in respect of the borrower is a professionals and for business people whose annual income is above 1.50 lakhs.

10 %

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Hypothecation of vehicle to be purchased

Along with the applicant, the spouse / or may other individual who is fulfilling the eligibility criteria under the Scheme is to stand as Co-obligant.

Repayment is to be made within a maximum period of 60 months in equated monthly installments. And No moratorium period is to be allowed.

A comprehensive insurance cover is to be obtained at the cost of the borrower with bank clause.

Processing Fees at 1% of the loan amount to be charged. And no other hidden charges as charged by other banks.

Disbursement of the loan is to be made directly to the seller or supplier.