Car Loan

To purchase a new brand car or jeep for self and family use only, directly from an authorized showroom.

Interest RateAs per quantum of loan, fixed by the Board of Directors under the directives of the Reserve Bank of India from time to time.

Maximum AmountUp to 80% of the vehicle cost, subject to margin requirement and Bank's internal exposure norms.

Maximum Tenure60 Months

Key Highlights

Special scheme for self-use new cars and jeeps

Funding up to 80% with fixed margin requirement

Direct dealer payment

Tenure up to 60 months

Bank-registered hypothecation with RTO and insurer

Applicant must be a Regular Share Member with 2.5% share linking as per RBI guidelines.

Loan applicable only for purchase of a new car/jeep for self use.

Applicant or applicant's personal driver must hold a valid driving license for the loan tenure.

If Learning License is submitted, Permanent License must be produced within 6 months or before expiry of Learning License, whichever is earlier.

Applicant must have sufficient income to repay EMIs.

One personal guarantor salaried or businessman with monthly net income of ₹25,000 p.m. or annual income of ₹4 lakh.

KYC documents of applicant and guarantor.

Salary slips for latest 3 months with Form 16 and previous year ITR (for salaried applicants).

ITR acknowledgements with computation of income, balance sheet and P&L account for last three years (for businessmen).

Estimated income statement in case of proposed tourist business.

Driving license of applicant or appointed driver.

Residential proof of applicant and guarantor (Aadhaar mandatory with supporting proof).

Income proof of guarantor.

Visit reports of office/business premises and residence of applicant and guarantor.

Pro-forma invoice confirmed with dealer.

Photographs of the vehicle along with borrower.

TTO set duly signed by the borrower.

Hypothecation of the new brand car/jeep in favour of the Bank with hypothecation charge registered with the RTO and Insurance Company.

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Processing Fee

As per prescribed Bank's Service Charges.

Visit the branch or call us for more details.