Purpose : For Purchase of new Car
Eligibility : a) Permanent employees of state/Central Govt., PSUs, Corporations,Private Sector Companies, Reputed establishments.
b) Professionals, self employed and others who are income tax assesses.
Loan Amount : Margin Interest Rate
75% of the Invoice Bill of Article. 25% 11%
85% of the Invoice Bill of Article 15% 11.50%
90% of the Invoice Bill of Article 10% 12%.

Note: Good pay masters who has not defaulted in repayment of even a single installment shall be allowed half percent interest rebate at the time of adjustment of loan account.

Repayment Period : Maximum 60 months in equated monthly instalments for loan upto Rs.3.00 lacs.
Maximum 84 months in equated monthly instalments for loan above Rs.3.00 lacs.

Moratorium : Maximum one month from the date of sanction.
Security : Hypothecation of Car and third party guarantee of one Person to employers of Govt. /Semi Govt./PSUS who there bye employer’s undertakings and for others two guarantees.
Processing Fee :
(i) upto Rs. 25000/- No charges
(ii) Above Rs.25000 upto Rs.2.00 Lakh Rs.450/-
(iii) Above Rs.2.00Lakh Rs.450/- + Rs.200.00 per Lakh or part thereof subject to maximum of Rs.30000/-

Pre-Payment : Permitted without penalty.
Linkage Shares : 2.5% of the advance made.

CHECK LIST (Car Loan):

Documents to be submitted by the Applicant(s), Guarantor(s)
For Proposal:
1. Consumer Loan Application form.
2. Personal statement of borrower.
3. Personal statement of guarantor(s).
4. Proforma Invoice duly verified and accepted by borrower.
5. Two coloured recent passport size photograph of borrower and guarantor(s).
6. Salary slip/Authenticated letter from employer certifying salary/Form 16.
7. Copy of latest Income Tax Return (if he is tax payee).
8. NOC from employer confirming as permanent employee with undertaking to repay monthly instalments of loan out of his salary in case of default.
9. Proof of age/address/PAN card/Mobile No./Telephone No./Passport/Driving Licence/Electricity bill (latest).