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Car Loan

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%

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