Loans will be sanctioned against hypothecation of new cars delivered from show room. Vehicles already delivered but not more than 6 months old can also be considered. Such of those members, who have sufficient time deposits / mortgage loans / property loans can avail this product. ALL the Promoter Directors, their spouses and children are eligible to avail this loan irrespective of whether they have any deposits or loans, provided loans already availed are regular in all respects.

•  Loan up to 90% of passenger Cars, MUVs 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 : 650
•  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 and extension of security (deposits/ property)
• Repayment in 7 years or till the security is with us, which ever is earlier, by way of EMI

Documents required

•  For salaried persons : Statement of Bank account /Society account for the last 6 months; 2 passport size photographs, id proof / address proof; Income proof (Latest salary slip, IT returns, etc)
• For non salaried persons :Statement of Bank account/ Society account for the last 6 months; 2 passport size photographs; id proof and address proof,; IT returns for the last two years, income declaration, etc.
• Agriculturists : Statement of Bank account /Society account for the last 6 months; 2 passport size photographs, id proof, address proof; land ownership proof., income declaration, etc.