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:
|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|
|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|
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.|
|Security||For Loans upto Rs.25 lakhs:
For loans above Rs.25 lakhs:
|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||
( अंतिम संशोधन Jul 24, 2020 at 07:07:47 PM )