Car Loan

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Car Loan

Car Loan

  • Salaried Employees
  • Businessmen, Professionals, Farmers
  • Directors of Private / Public Ltd Co.
  • Proprietor of firms, Partners of partnership firm
  • Corporates
  • NRI / PIOs

Ranges from (1 year MCLR+ Strategic Premium+0.25%) to (1 year MCLR+ Strategic Premium +2.00%), based on the bureau score of the applicants.

i.e ., At present from 8.80% to 10.55%

Unified Processing Charges

0.50% of Loan amount Minimum: Rs.2,500/- Maximum Rs.10,000/- + Service Tax

Target Group

Resident Indians, NRIs, PIOs

Purpose

For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc for private use.

Eligibility

To qualify as an applicant for this loan, you need to be an employee or a director of a public limited company, businessman, professional, proprietor / partner in a firm or a Govt employee and HNIs / Corporates.

Eligibility based on Income Criteria

Salaried Person Others
GMI less than Rs.50,000: 24 times of average of last 3 months Gross Monthly Income 4 Times of average of last 2 years Gross annual Income.
GMI 50,000 and above but less than Rs.1,50,000: 30 times of  average of last 3 months Gross Monthly Income
GMI 1,50,000 and above: 36 times of  average of last 3 months Gross Monthly Income

Maximum loan amount

Rs.100 Lacs (For all categories)

Eligibility based on Repayment capacity

Up to 60 % of Gross monthly Income (GMI)

Repayment

84 months.

Margin

Based on Car segment & Income level (ranging from Minimum 5% to Maximum 20%)

Age

  • Minimum : 21 years
  • Maximum : present age + repayment period should not exceed retirement age in case of salaried person and 65 years in case of others.

Rate of Interest

Rate of interest on car loan will be based on CIBIL Bureau score of the applicant/co-applicant. Minimum Cut off score is 725.

PROCESSING CHARGES

0.50% of loan amount- Minimum: Rs. 2,500/- Maximum: 10,000/-+ GST

EMI Calculator

APR Calculator
  • Total Interest
  • Total Amount
Monthly Payment Rs. 1,977.00

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