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CAR/ AUTO LOAN

एमबीजीबी वाहन ऋण योजना

Scheme for Financing Purchase of Car by Public

1 Purpose:

To purchase:

  New Car / Van / Jeep

  Old car/van/jeep which are not older than three years.

2 Eligibility:

  Individuals and Business concerns (corporate or non-corporate).

3 Extent of Loan:

  For  individuals  25  times  of  their  Net  Monthly  Salary/  Income  or  Rs.15.00  Lac, whichever is lower.

  For Business concern no ceiling in loan amount (for one or more vehicle).

4 Margins:

  20  %  of  on  road  price  which  include  cost  of  one-time  Road  Tax  and  Insurance charges be considered towards margin money. 

5 Repayment Period:

  Maximum 84 equated monthly instalments in case of new vehicles.

  Maximum 60 equated monthly instalments in case of old vehicles.

  Maximum  allowable  deduction  not  to  exceed  50%  of  take  home  salary or  Net Monthly income as the case may be.