Overview
Owning a vehicle has moved from a mark of prestige to a practical part of everyday life, supporting both comfort and livelihood. The Car Loan Scheme is designed to help customers finance that purchase.
Eligibility
Individuals, professionals, self-employed persons and businessmen — including proprietary concerns, partnership firms, and joint stock companies.
Income
Sufficient to comfortably repay the loan within the agreed period.
Loan Amount
Covers the invoice cost for a new vehicle, or the agreement/market value (whichever is lower) for a second-hand one, after the applicable margin.
Margin
- New car/jeep/van: 25% of invoice value (from an authorised dealer), plus one-time RTO taxes.
- Second-hand, up to 1 year old: 25% margin on purchase value or insured declared value, whichever is less.
- Second-hand, 1–2 years old: 25% margin on purchase value or insurance declared value, whichever is less.
Security
Hypothecation of the vehicle being purchased.
Guarantee
One or two solvent third-party guarantors, depending on the loan amount.
Period of Loan
Repayable over up to 60 months.