Recharge
Pay Bills
Fee Collections
Pay Taxes
Net Banking
The finance under this scheme shall be available for purchase of: An old car / jeep (not more than 5 years old). (Any make or model)
Permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or reputed establishments. Professionals or self employed individuals, Proprietorship Concerns. Partnership Firms, Private /Public Ltd Co.
| Age Criteria | |
Salaried Individual |
The applicant should be at least 21 years old at the time of application, and below 58 years of age at the time of maturity of the loan. *For institutions, where retirement age is 60 years, the upper age limit shall be 60 years. |
Self- Employed Individual |
Any Proprietor, Partner, Professional or director above 21 years of age but below 65 at the time of the loan's maturity |
Partnership Firm |
NA |
Private/Public Ltd Co. |
NA |
Minimum period of current employment/existence. |
|
Salaried Individual |
The applicant must have been in current service for at least 3 years.* Only 2 yrs for Individuals drawing salary through our branches & where letter of undertaking from employer is available. |
Self- Employed Individual |
At least 3 years in business. |
Partnership Firm |
Should have been in existence for at least 3 years. |
Private/Public Ltd Co. |
Limited Companies should have been in existence for at least 3 years. |
- 25% for vehicles having age less than 3 years.
- 30% for vehicles having age of 3 years and above upto 5 years.
- 2.5 times of the net annual income or 15 lacs, whichever is lower. If married, the spouse's income also considered provided the spouse guarantees the loan. Loan amount for used vehicles shall be subject to a maximum limit of
15 lacs. - The number of vehicles to be sanctioned to a single borrower under Car Finance (Used) at any point of time should not exceed more than 2 vehicles subject to maximum prescribed limit of 15.00 lac.
- Maximum repayment period of 72 months for vehicles having age less than 3 years.
- Maximum repayment period of 48 months for vehicles having age of 3 years & above to 5 years.
- Primary: Hypothecation of vehicle to be purchased.
- Collateral: No third party guarantee required in respect of employees drawing salary through our branches & where letter of undertaking from employer is available. Third Party Guarantee of two persons for all other applicants. Third Party Guarantee may be waived off in case of existing account holders having good reputation. Instead Post Dated Cheques may be accepted.
Prepayment of any amount allowed any time after a period of 6 months at prepayment penalty @2% for the amount prepaid
Nil.
200/- per cheque
The value of the vehicle will be ascertained on the basis of present market value of the new car of same variety & configuration less the depreciation, which shall be as follows
| Age of the vehicle | % Of Depreciation for fixing value. |
| Not exceeding 6 months. | 5% |
| Exceeding 6 months but not exceeding 1 year. | 15% |
| Exceeding 1 year but not exceeding 2 years. | 20% |
| Exceeding 2 years but not exceeding 3 years. | 30% |
| Exceeding 3 years but not exceeding 4 years. | 40% |
| Exceeding 4 years but not exceeding 5 years. | 50% |