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