Vehicle Loan

Purpose:

• Purchase of Four wheeler for personal use - (New or second-hand)



MAX. AMOUNT / ELIGIBILITY / MARGIN




A. NEW

• Private Cars
1. Maximum Rs. 50.00 lakh.
2. 90% / 80% of vehicle quotation for purchase of vehicle including Show Room Price, One time tax, Insurance & Registration charge.
3. Loan Eligibility = (Repayment capacity X 100000 )/ EMI for Rs. 1,00,000/-.


• Commercial Vehicle :-
1. Maximum Rs. 50.00 lakh.
2. 85 % of vehicle quotation for purchase of vehicle including Show Room Price, One time tax, Insurance & Registration charge.
3. Loan Eligibility = (Repayment capacity X 100000 )/ EMI for Rs. 1,00,000/-.
4. Wherein,

Repayment Capacity =

1. Net monthly Income – (Less) minimum Take home Pay – (Less) Other Loan deduction.

Minimum Take Home salary/ Income =

1. 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs. 10000/- & Maximum of Rs. 20000/-
2. For Two Wheelers = 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs. 6000 & Maximum of Rs. 20000/-



B. Pre–owned (second-hand not more than 3 years old)

1. Maximum Rs. 25.00 lakh
2. As per Repayment capacity
3. 50% to 60% of the valuation of the vehicle
4. 50% to 60% of Agreement value.



Note:

• For further detail click here