i) Maximum Finance for purchase of Car at Ex-Showroom Prices :
36 months net monthly salary of the applicant or 3 times net annual income. However, in case of employees of private organizations, employees on contract basis and pensioners, the maximum finance shall be limited to24 months net monthly salary or 2 times net annual income.
Applicants from eligibility criteria as depicted at a, b, c & d who do not fulfill the income criteria as laid down in the scheme but have an annual income of more than Rs. 2.00 lakh, may be granted maximum finance upto 24 months net salary or 2 times net annual income.
Gross deductions inclusive of loan EMI/s (existing as well as proposed) should not exceed 60% of gross income.
In case of married individuals, certified income of spouse can also be considered provided the spouse is a co-borrower.
In case of Joint borrowers, it is to be ensured that at least one of the joint borrower(s) is able to repay the loan along with interest up to the maximum prescribed age of 60 / 70 years.
As per the provisions of Motor Vehicles Act, 1988, where a motor vehicle is jointly owned by more than one person, the application for registration shall be made by one of them on behalf of all the owners and such applicant shall be deemed to be the owner of the motor vehicle for the purpose of this act. Accordingly, it shall be ensured that in all such cases an option be got exercised from the joint borrowers to specify the name of the applicant borrower in whose name they want to get the vehicle registered.
The ceiling of the loan amount shall be Rs 50 Lakh.
ii). Maximum Finance for purchase of Car at On-Road Prices :
The parameters for determining the maximum amount of finance in this case shall be same as detailed above at Para 4(i) except for the following addition:
The “One time Registration Charges and Insurance premium for first year (Optional)” shall be financed as part of the total loan to be provided subject to maximum permissible amount of limit of finance for which a borrower is eligible under the relevant clause of this scheme.
The loan amount reflected in the loan account shall be inclusive of loan amount granted for Registration and Insurance.