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
Resident Indians, NRIs, PIOs
For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc for private use.
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
|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 Â average of last 3 months Gross Monthly Income
|GMI 1,50,000 and above: 36 times of Â 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)
Based on Car segment & Income level (ranging from Minimum 5% to Maximum 20%)
- 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.
0.50% of loan amount- Minimum: Rs. 2,500/- Maximum: 10,000/-+ GST