Vehicle Loan Scheme
EMI Calculator

Who can apply? A confirmed employee of Govt / MNC / PSU / Corporation / Autonomous body /reputed organization, a professional & self-employed person, a businessperson, or a pensioner
What should be the purpose? For purchasing a brand new vehicle for self-use
What is the Income criteria? Up to Rs.7.50 lacs Loan amount. (Minimum Taxable Income should be more than 4 times of yearly E.M.I ) Above Rs. 7.50 Lacs (Minimum Taxable Income should be more than 5 times of Yearly E.M.I )
Net worth Minimum 4 times of cost of vehicle.
Rate of interest
  1. vehicle loan rate of interest is 10% fixed
  2. No collateral security
  3. 85 % of on Road Cost ( Including Showroom Cost + Insurance + Taxes + Accessories)
  4. CIBIL score should be 700 and above.
  5. One Guarantor required within close family member.
  6. Waiver of process fees.
What will be the securities? Pledge of the gold ornaments
Repayment period Maximum upto 60 EMIs by PDCs/ECS No pre-payment penalty
What will be the repayment period? Maximum 60 EMIs.
Loan Limit Maximum up to Rs. 50,00,000/-
Requirement of documents
  1. Application in prescribed format
  2. Photographs
  3. PAN vehicleD ( MANDATORY)
  4. CIBIL REPORT (MANDATORY) Borrowers & Guarantors
  5. Address proof : Passport /telephone/electricity bill, Ration vehicled/ Voter identity vehicled ( any one)
  6. Identity proof : Passport/Voter identity vehicled/ PAN vehicled /Driving License/Adhar vehicled ( any one)
  7. Income proof :- For Salaried Person:-
    1. Last 3 months Salary certificates,
    2. Last 3 Years Form-16 & IT Return copies
    3. 1 year Latest Bank Statement (Salary A/C)
    8. For professional & self-employed & Businessmen :-
    1. Copies of audited Profit & Loss A/c & Balance sheet of last 3 years
    2. I.T. Return copies for last 3 years,
    3. 1 year latest Bank Statement
  8. Pro-forma invoice from dealer
    1. Pre sanction visit report place of Residence & office
What about guarantors? One Gaurantor

Concession Rate 0.25% p.a. of Interest to Women borrower for Housing Loan, Education Loan, Gold Loan, Business Loan.