PURPOSE:
The finance under this scheme shall be available for purchase of an old car / jeep (not more than 5 years old) for personal use.
Eligibility:
i) Permanent employees of State/ Central Government, Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or reputed establishments.
ii) Businessmen, Professionals and self employed individuals.
iii) Persons engaged in agriculture and allied activities.
iv) Net annual income of Rs.1.00 lacs and above.
Age Criteria:
| Salaried Class |
The applicant should be atleast 21 years old at the time of applicant and below 58 years of age at the time of maturity of the loan.
* For Institutions, where retirement age is is 60 years, the upper age limit shall be 60 years. |
| For others |
Above 21 years at the time of application but below 65 at the time of the loan's maturity |
Maximum Loan Amount:
i) 2.5 times of the net annual income or 15 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 15 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 15.00 lacs.
Margin:
i) 25% for vehicles having age less than 3 years.
ii) 30% for vehicles having age of 3 years and above up to 5 years.
Repayment period:
i) Maximum repayment period of 72 months for vehicles having age less than 3 years.
ii) Maximum repayment period of 48 months for vehicles having age of 3 years & above to 5 years.
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