A. PURPOSE:
The finance under this scheme shall be available for purchase of an old car / jeep (not more than 6 years old)for personal use
B. Eligibility:
i) A permanent employee of State/ UT/ Central Government, Public Sector Undertaking & Autonomous Bodies.
• A regular employee of Private Company or a reputed establishment, having minimum service of at least 2 years with current employer.
• Central/State Govt. Pensioners, except family pensioners, drawing their monthly pension from our bank or other banks, whose spouse is alive and is eligible for family pension.
• Proprietorship Concerns, Businessmen, Professionals and self-employed individuals having minimum existence of 1 year.
• Persons engaged in agriculture and allied activities.
• Joint borrowers are also eligible, i.e. parent/ spouse/ earning children/ sibling. However, only one co-borrower shall be permitted.
• Gross Annual Income of Rs. 2.00 lacs
C. Age Criteria:
| For salaried employees: |
The applicant should be atleast 18 years at the time of applicant and maximum age at the time of loan maturity will be the age of superannuation. |
| For others: |
The maximum age at loan maturity will be 70 years. |
D. Maximum Loan Amount:
i) ) 3 times of the net annual income or 25 lacs, whichever is lower. If married, the spouse's income can also be considered provided the spouse guarantees the loan. Loan amount for used vehicles shall be subject to a maximum limit of 25 lacs.
ii) The number of vehicles to be sanctioned to a single borrower under Car Finance (Used) at any point of time should not exceed more than 2 vehicles subject to maximum prescribed limit of 25.00 lacs.
E. Margin:
i) Minimum Margin of 20%-25%
F. Repayment period:
The maximum tenor of loan shall be 07 years or till the vehicle gets 10 years old, whichever is earlier, subject to residual life of the vehicle.
Security:
i) Primary: Hypothecation of vehicle to be purchased.
ii) Collateral: Third Party Guarantee of two persons having sound financial net means good for the loan amount.
Processing Charges:
0.50% of the Loan Amount
* Conditions Apply