Car Loan Scheme

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

  • Permanent/ regular employees of State/Central Govt., Public Sector Undertakings (PSUs), Private Company or a reputed Establishment.
  • Professionals, Self Employed, businessmen, proprietary/partnership firm who is an income tax assesses (wherever applicable).
  • Having a Net Annual Income Rs. 250,000/- and above

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.

Useful Links

RBI NABARD IBA BCSBI NPCI Rupay