How much amount can be sanctioned under Car Loan Scheme ?
* To Individuals – 25 times net monthly salary/income. (Max. Amount of Loan - Rs. 25 lacs).
* To Business Concerns – Need based loans are sanctioned.
Is there any income criteria for availing the loan ?
Yes, Minimum net monthly salary / pension/ income of Rs.20,000/- is required.
Can a car loan be sanctioned for purchase of old car ?
Yes, loan can be sanctioned for vehicles which are not older than 3 years.
How much amount is the borrower required to contribute ?
For new vehicles, borrower is required to contribute 10% in case of purchase of vehicles from Maruti,Tata Motors, Hyundai , Honda Siel, Mahindra & Mahindra. ICML & Force Motors Ltd., with whom Bank is having a tie up arrangement.
For purchase of new vehicles of other make/companies, 15% is required to be contributed.
For old Vehicles, margin requirement is 30%.
What is maximum repayment period under Car loan scheme ?
For new Vehicles: Max 84 months
For Old Vehicles: Max 60 months
What is the ROI on Car loans ?
For Loans repayable up to 3 years:
10.75%,-where PNB Score is 60& above
11.25%- Other cases
For loans Repayable in 3 years & above: 11.75%