enabling salaried persons and self employed professional/ Businessmen
/ Income tax assesses to acquire new cars availing of advances,
with moderate rates of interest.
can avail the loan?
Salaried persons having a net monthly pay exceeding Rs. 10,000/-.
Husband and wife can be considered as one unit.
Net salary of spouse if employed can be considered for arriving
at the net pay.
Self employed Professionals/Businessmen/Income Tax Assessee
having an average annual total income exceeding
Rs. 2,00,000/- for the last 3-years.
applicant to produce any of the following:
Card / Electoral Identity Card / Driving Licence / Passport / Identity
Card issued by the employer.
b. In the case of Professionals- Certificate issued by the concerned
Professional Body along with a copy.
In the case of salaried persons:
Least of the
(1) 85% of the on the road cost of the vehicle (on the
road cost means aggregate of cost of vehicle, life tax paid,
registration charges and comprehensive insurance).
30 times the combined net monthly
salary of loan applicant and spouse.
Corresponding loan amount if 45% of the combined net monthly salary
of applicant and spouse is taken as available for
remittance as EMI.
the case of Income Tax Assessees:
of the following:
(1) 85% of 'on the road cost' as above.
1 1/2 times of the average annual total income for the past three
years based on the income tax returns.
Corresponding loan amount if 25% of the average monthly total income
as evidenced by the tax returns is taken as
for remittance of EMI.
to be noted in the RC book
dated cheques 5 numbers.
6 months and maximum 60 months.
35 months - 13.25% (monthly
35 months -
15.25% (monthly diminishing)
avail this facility, please check our branch list and get in touch
with the branch
which is most convenient for you.