| Loans for 4 Wheelers |
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 Nature of the Scheme
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- 2 wheeler and 4 wheeler loans to Individual
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| Eligibility |
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| Margin on Road Price amount |
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Category of the Borrower
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Margin
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| Salaried class and where salary deduction is available |
15%
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| SME/ Corporate Borrowers under Standard Asset Category and with Credit rating B and above |
15%
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| Other Borrowers |
20%
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| Quantum of Finance |
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New Vehicle:
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For 4 Wheelers : 85% of road price (includes invoice price, Life tax, Registration charges, Insurance and accessories) for salaried class/ SME/Corporate borrowers under Standard Asset category and with credit rating B and 80% for other borrowers or 3 years gross salary whichever is lower.
- Second Sale: (not more than three years old): 60% of garage value or Rs. 5,00,000 /- whichever is lower.
- Accessories: not exceeding Rs. 5,000 /- for 4 wheelers & Rs. 1,000 /- for 2 wheelers.
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| Repayment |
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- For 4 wheelers (New) - minimum 12 months and maximum 72 months (EMI).
- For 4 wheelers (Second sale) - 60 months EMI.
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| Co-obligation |
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| Third party acceptable to the Bank for both 4 and 2 wheeler. |
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| Security |
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Hypothecation of vehicle purchased
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| Documents |
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Valid driving license
Proof of Income - Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice.
Valuation certificate from reputed garage for second sale. |
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