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PURPOSE:

For purchase of new two wheelers/ four wheelers;

Second hand vehicle can also be financed if the age of

the vehicle is up to 3 Years. Finance can be granted against the second hand vehicle when Comprehensive Insurance Cover is available.
For purchase of light personal vehicles not requiring

heavy duty driving license viz. Jeeps, Vans etc.

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LIMIT/ QUANTUM:

Maximum limits for finance :Individuals (Resident in India): For Indian make vehicles: Rs.25 lakhs. For imported vehicles : Rs.75 lakhs. For companies and corporate entities : Rs.100 lakhs (Can be a fleet of vehicles) Non-resident Indians : Rs. 25 lakhs

For vehicles run on non-conventional energy and not required to be registered with RTO : Two wheelers - Rs.50,000/- (Max.) 4 wheelers - Rs. 4.00 lacs.(Max.)

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ELIGIBILITY: The limit is subject to: (a) 24 times of gross monthly emoluments in case of salaried employees/pensioner / or 2 times of gross average annual income as per last three

years IT returns.

(b) Two times of average annual cash accrual (i.e. PAT + depreciation) as per firms/companies last three audited balance sheet, P & L Account.

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GUARANTEE : 1. (a)Third party guarantee not required in respect of loans to

resident individuals up to Rs. 25 lakhs provided vehicle is registered with RTO and Banks Charge is registered thereon;

(b) Third party guarantee can be waived by Sanctioning Authority in respect of loan to Corporates subject to Charge registered with ROC. [Vehicle registered in Companys Name]; OR (c) In case vehicle is not registered in Companys / firms Name, Guarantee of the Director in whose name the vehicle to be registered is to be obtained.

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2. Third party guarantee of Resident Indians to

be obtained in respect of loans to Non-resident Indians, irrespective of limit.

3. Third party guarantee is required for loans to

vehicles (irrespective of limit) not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs. waived by sanctioning authority with obtention of tangible collateral security of acceptable value.

4. Third party guarantee wherever applicable can be

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INTEREST:

As advised by Head Office from time to time. Interest concession is available in respect of loan to woman beneficiary 0.25% p.a (Ref. Br. Cir. No. 99/56 dt. 02.07.05.
PENAL INTEREST : As per guidelines issued from time to time.

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MARGIN: For New Vehicles: Individuals : (Including NRIs) Upto Rs.2 lakhs - 5% Rs.2 lacs to Rs.10 lacs - 10% Above Rs. 10 lakhs upto Rs. 25 lakhs 15% Above Rs. 25 lakhs min. 25% For Corporate entities / firms etc. min margin : 25% For second hand vehicles: min 30% (on depreciated value or value assessed by valuer or sale consideration whichever is lower.)

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REPAYMENT:

A) For Individuals : For new vehicles 4 wheelers- imported vehicles Max. 7 years. 4 wheelers - Indian vehicles Max. 6 years. 2 wheelers maximum 5 years. B) For Corporates /Firms etc : maximum 5 years C) For second hand vehicles maximum 3 years

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SECURITY: 1) Principal security Hypothecation of assets

purchased out of Bank finance & charge to be registered with RTO and registered as Personal vehicles. 2) Comprehensive insurance of the vehicle with Bank clause. 3) Collateral security is desirable and can be insisted by sanctioning authority for loans to individuals exceeding Rs. 25 lacs.

Validity 01.10.2011 to 31.12.2011

100 % waiver for Processing charges.

Concession in applicable ROI as per festival package

THANK YOU