Purpose |
For purchase of
- New Four Wheeler
- Used Four Wheeler
- New Two Wheeler
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Age of applicant |
- Entry age is 18 years and exit age is 60 years
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Income Criteria |
- Salaried: Minimum three years of Service (Including previous employment / experience) & confirmed in present employment
- Business: Last three years IT Returns
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Take Home Pay |
- 40% of Gross pay as Net Take Home Income post all EMI deductions (existing and proposed) should be available.
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Eligible Amount |
- 20 times of Gross Monthly Salary/ Income
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Maximum Loan Amount |
- Max. ₹10.00 lakhs for 2 wheelers
- Max. ₹200.00 lakhs for 4 wheelers
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Margin |
- New Vehicle -25%
- Used Vehicle – 40%
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Rate of Interest |
|
Repayment Period |
- New Vehicle - Maximum up to 60 months
- Used Vehicle - Repayment period stipulated “plus” the age of vehicle at the time of sanction should not exceed 84 months.
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Security |
- For Loans upto ₹25 Lakhs:
a) Hypothecation of Vehicle purchased out of the loan amount
- For loans above ₹25 Lakhs:
a) Hypothecation of Vehicle purchased out of the loan amount
b) For portion beyond ₹25lakhs, 100% collateral security in the form of EM of properties/ NSC /fixed Deposits / Surrender value of LIC policies to be stipulated.
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Guarantee |
- For all Vehicle Loans - guarantee of spouse / third party (in case spouse is not available / unmarried)
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Lien |
- Bank’s lien should be noted on the RC book of the vehicle.
- In case of second hand vehicles, no prior lien should persist on the vehicle
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Processing Charges |
- 2 Wheeler – 1.20 % of limit sanctioned
- 4 Wheeler (New & Used) – 0.30 % of limit sanctioned
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How to apply |
- Please contact nearest Tamil Nadu Grama Bank’s Branch for more details
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