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Car Loan  Scheme
 
Who can apply?

A confirmed employee of Govt / MNC / PSU / Corporation / Autonomous body /reputed organization, a professional & self-employed person, a businessperson, or a pensioner.

 
What should be the purpose?
For purchasing a brand new car for self-use
 
What is the Income criteria?
Up to Rs.7.50 lacs Loan amount. (Minimum Taxable Income should be more than 4 times of yearly E.M.I ) Above Rs. 7.50 Lacs (Minimum Taxable Income should be more than 5 times of Yearly E.M.I )
 
Net worth
Minimum 4 times of cost of vehicle.
 
Margin
Up to Rs.7.50 lacs Loan amount. (Minimum Taxable Income should be more than 4 times of yearly E.M.I ) Above Rs. 7.50 Lacs (Minimum Taxable Income should be more than 5 times of Yearly E.M.I )
 
Rate of interest
1) The Rate of Interest for Personal Car Loan up to Rs. 10 lakhs stands reduced to 9.50%.
2) The Rate of Interest for Personal Car Loan above Rs. 10 lakhs shall be charged at 10% p.a.
3) The maximum Personal Car Loan limit shall continue to be Rs. 50 lakhs.
4) The Personal Car Loan above Rs. 10 lakhs shall be against Prime hypothecation of car. In addition, collateral security equivalent to loan amount shall continue to be obtained at hitherto.
 
Repayment period
Maximum upto 60 EMIs by PDCs/ECS No pre-payment penalty
 
What will be the share linkage?
Share linkage : 1.00% of loan amount.
 
What will be the repayment period?
Maximum 60 EMIs.
 
Requirement of documents
a) Application in prescribed format
b) Photographs
c) PAN CARD ( MANDATORY)
d) CIBIL REPORT (MANDATORY) Borrowers & Guarantors
e) Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card ( any one)
f) Identity proof : Passport/Voter identity card/ PAN Card /Driving License/Adhar Card ( any one)
g) Income proof :- For Salaried Person:-
1) Last 3 months Salary certificates,
2) Last 3 Years Form-16 & IT Return copies
3) 1 year Latest Bank Statement (Salary A/C)
For professional & self-employed & Businessmen :-
1) Copies of audited Profit & Loss A/c & Balance sheet of last 3 years
2) I.T. Return copies for last 3 years,
3) 1 year latest Bank Statement
h) Pro-forma invoice from dealer
1) Pre sanction visit report place of Residence & office
 
What about guarantors?
Two guarantors ( One of them can be from family member having independent source of income )
Papers Required:
1) 2 Photographs
2) PAN CARD
3) Duly filled Consent Letter
4) Address proof : Passport / telephone / electricity bill, Ration card / Voter identity card ( any one)
5) Identity proof : Passport / Voter identity card / PAN Card / Driving License / Adhar Card ( any one)
6) Income proof :- For Salaried Person:-
• Latest 3 months’ Salary certificates,
• 3 Years Form-16, IT Return copies
• 1 year latest Bank Statement ( Where salary is credited)
For Professional & self-employed or Businessmen :-
• Copies of audited Profit & Loss A/c & Balance sheet of last 3 years • I.T. Return copies for last 3 years,
• 1 year latest Bank Statement
 
Insurance
Vehicle shall be fully insured with Bank clause
 
Disbursement of Loan
By way of direct disbursement to dealer by Bank R.T.G.S / Pay order against pro-forma invoices.
 
Sanctioning Authority
i) H O Central Department : Up to Rs 7.50 lacs
ii) Loan Committee/Board : Above Rs 7.50 lacs
 
Post sanction
a) Vehicle to be inspected by Branch after delivery.
b) Hypothecation to be registered with R.T.O.
 
Disbursement of Loan
By way of direct disbursement to dealer by Bank R.T.G.S / Pay order against pro-forma invoices.
 
Loan Documentation
1) D.P Note Form No-24
2) Agreement for Vehicle Hypothecation Form No-82
3) Agreement for Loan Form No-33
4) Letter of Lien & Set-off Form No-36
5) Letter of Guarantee Form No-45
6) Letter of Lien & Set Off signed by Guarantor Form No-55
7) All R.T O related documents:
a) FORM No: 26 Intimation of loss or destruction etc. of the certificate of registration and application for the issue of Duplicate Certificate Of Registration
b) FROM No: 28 Form of application for ‘No Objection Certificate and grant of Certificate
c) FROM No: 29 Form of notice of Transfer of Ownership of Motor Vehicle
d) FORM No: 30 Report of Transfer of Ownership of a Motor Vehicle
e) FORM No: 31 Application for the transfer of ownership in the name of person succeeding to the possession of the vehicle.
f) FROM No: 34 Application for making an entry of an agreement of hire - purchase/ lease / hypothecation subsequent to registration.
g) FORM No: 35 Notice of Termination of an Agreement of Hire Purchase /Lease /Hypothecation
 
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