IB Vehicle Loan
Purpose / Objective
|Eligibility||Minimum Gross monthly income for purchase of a car should be Rs.20,000/- p.m.
* For Salaried Class: 20 times of Gross monthly Salary (Income of spouse may be included). Net Take Home Pay after deducting proposed Loan EMI, must be ensured at 40% of Gross Pay.
* For professionals and Businessmen: 20 Months Income – to be calculated based on their average income earned in the last 2 years and Capacity / ability to repay the loan.
|Target Group||Salaried class, Professionals, Businessmen, Self employed persons, our Staff, NRIs*and Pensioners. Employees of other banks with NOC from employer concerned with minimum 3 years service / experience.|
|Amount of Loan||Maximum loan ceiling:
Two Wheelers: Rs. 10 Lakhs
Four Wheelers: Rs. 200 Lakhs
|Margin||* 15% for New Vehicle.
* 40% for used vehicle (Four wheeler).
|Processing fee||0.229% on loan amount with a max. of Rs.10191/-|
|Interest Rates||Please see the Lending Rates link on home page of our Bank`s website|
|Repayment||* Four wheeler: Maximum 84 EMIs (No holiday period)
* For 2 wheeler: Maximum 60 EMIs (No holiday period)
|Security||* Hypothecation of Vehicle to be purchased out of Loan.
* If the loan amount exceeds Rs. 10 lakhs, additional security equivalent to amount exceeding Rs. 10 lakhs to be provided in the form of Fixed Deposit Receipts / NSCs / LIC Policy (with surrender value equivalent to the security to be provided) / Mortgage of immovable property.
|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. Copy of Driving License.
11. Quotation for Vehicle to be purchased from the authorized dealer.