Loans will be sanctioned against hypothecation of new cars delivered from show room for salaried persons and persons with assured monthly income. Vehicles already delivered but not more than 6 months old can also be considered
- Loan up to 90% of on road price for passenger cars, Multi Utility Vehicles and SUVs. (i)
- Maximum Loan Rs.15 lacs (ii)
- EMI/NMI ratio 50% (iii) (Loan eligible will be lowest of the above three)
- Minimum Credit Score : 700
- Age : 21 Years to 65 Years
- Minimum yearly Income : Rs. 5,00,000/-
- Interest calculated on daily balance method and applied monthly
- Security : Hypothecation of vehicle, personal guarantee of spouse / parent / relatives/ etc. ,with sufficient income
- Repayment within 7 years by way of EMI