राष्ट्रीय टोल फ्री नंबर1800 425 00 000

आईबी वाहन ऋण

आईबी वाहन ऋण

Eligibility Who can apply

Salaried class, Professionals, Businessmen, Self employed persons, our Staff, NRIs*and Pensioners. Employees of other banks with NOC from employer concerned.
Type of vehicle Minimum Service/Experience
4  -Wheeler 2 years
 2- Wheeler  1 year( Salaried class /Pensioner)

2 years ( for all other categories)
*For NRIs (individuals only), loan for purchase of 4 wheeler (to be used by his / her family in India) may be permitted subject to the following conditions:

  1. Minimum monthly income should be equivalent to INR:.40000/-
  2. Guarantee of resident family member to be obtained (Spouse, Father, Mother, Son or Daughter)
Purpose For purchase of New Two Wheeler or New / Used Four Wheeler (Used four wheeler should not be more than 3 years and should be certified by reputed automobile engineer / valuer)
Income Eligibility &

Quantum Of Loan

 Maximum loan  ceiling  :

Two Wheeler – Rs.5.00 lakhs.

Four Wheeler – Rs.200.00 lakhs (including used cars).

FOUR WHEELER :
Type of Occupation Minimum Gross Income Eligible Amount –number of times of Gross Income
Salaried person Minimum Gross monthly income of Rs.25000/- and above. Maximum 48 times of Gross monthly salary.
Pensioner Drawing monthly pension of Rs.20,000/- and above, Maximum 36 times of Gross monthly pension.
Professional & Self Employed / Businessmen An IT assessee having Gross Annual Income of Rs. 3.00 lakhs above as per latest ITR. It should be ensured that ITR has been filed on regular basis (on yearly basis). However, Net take home criteria should be minimum of 40% Maximum of 3 times of average Net annual income for the last two years as per latest ITR
Firms & Companies Firms / companies should be in profit during last two years. Net Profit & cash generation during pendency of loan should be enough for repayment
TWO WHEELER
Type of Occupation Minimum Gross Income Eligible Amount-number of times of Gross Income.
Salaried person No stipulation of minimum monthly gross income Maximum 48 times of Gross monthly salary
Pensioner Drawing monthly pension of Rs.10,000/- and above Maximum 36 times of Gross monthly pension
P&SE/Business men An IT assessee having Gross Annual Income of Rs.1.80 lakhs above as per latest ITR. It should be ensured that ITR has been filed on regular basis (on yearly basis). However, Net take home criteria should be minimum of 40% Maximum of 3 times of average Net annual income for the last two years as per latest ITR
Margin
Type of Loan Margin
Two Wheelers 15%
Four Wheelers New Vehicle

For used vehicle, the loan amount will be restricted to 80 % of the Agreed Purchase Price or 60% of the valuation of the vehicle or insured Declared value (IDV) as per the latest Insurance Policy whichever is lower.

 

For New Vehicle Margin must be calculated based on Quotation “on Road Cost”.
Processing fee As communicated by corporate office from time to time.
Interest Rates As communicated by corporate office from time to time.
Repayment
Type of Loan Repayment Period
Two Wheelers Maximum up to 60 months
Four Wheelers New Vehicle Maximum up to 84 months
Used Vehicle Repayment period should be fixed based on the age of vehicle (to be calculated from the date of purchase of the vehicle by the first owner) subject to a maximum period of 60 months as below:

Age of Vehicle Repayment Period
Up to 2 years 60 months
Above 2 yrs up to 3 yrs 48 months
Above 3 yrs up to 4 years 36 months
Above 4 yrs up to 5 years 24 months

 

Repayment Period should be fixed in such a way that the loan gets repaid within the Vehicle’s initial life span of 84 months – calculated from the date of original purchase. That is ‘the Repayment period stipulated’ plus ‘the age of vehicle at the time of our sanction’ should not exceed 84 months.
Security For Loans upto Rs.25 lakhs:

  1. Hypothecation of Vehicle purchased out of the loan amount.
  2. If considered necessary by the sanctioning authority (based on the risk perception of the individual proposal) tangible security / guarantee to be made available for the advance.

For loans above Rs.25 lakhs:

  1. Hypothecation of Vehicle purchased out of the loan amount.
  2. For portion beyond Rs.25 lakh, 100% collateral security in the form of immovable properties / NSC / Fixed Deposits / Surrender value of LIC policies is/ are to be obtained.
  3. Suitable third party guarantee may be insisted.
Lien Bank’s lien should be noted in RC Book. In case of second hand vehicles, it should be ensured that no prior lien persists on the vehicle.
Insurance Insurance (bumper to bumper Insurance policy for 4-wheeler) is mandatory and it should be renewed annually with Bank clause at Borrower’s cost.
Documents to be submitted for processing the application
  1. Completed Application Form with passport size photograph
  2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
  3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt /     Passport / Voter’s ID.
  4. Proof of business address in respect of businessmen / industrialists.
  5. Proof of Employment.
  6. Salary Certificate
  7. Proof of other income like rent, interest on investment, if any
  8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed
  9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
  10. Statement of Bank Account or copy of Bank Passbook for 6 months
  11. Copy of Driving License
  12. Quotation for Vehicle to be purchased from the authorized dealer

( अंतिम संशोधन Jul 24, 2020 at 07:07:47 PM )