Purpose |
To purchase a new passenger cars, jeep, Single or Multi Utility Vehicles (MUVs) and SUVs for personal use. |
Age |
Minimum 21 years ; Maximum: 65 years |
Eligibility |
|
Quantum of Loan |
For Salaried: 48 times of Net Monthly Income (NMI) For others: Up to 4 times the Net Profit or Gross Taxable Income per annum as per IT Returns, after adding back depreciation and deducting repayment of all existing loans. |
Margin |
15% of the total cost of the vehicle i.e. “on road price”. (which includes vehicle registration charges, insurance, one-time road tax and accessories). |
Interest Rate |
As per Bank's guidelines. |