Personal Loan
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Cent Vehicle

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Purpose:

Purchase of New two wheeler & four Wheeler for Personal use. (i.e. not for hiring/ferrying passengers)

Facility

Term Loan

Target Group

All individuals of age 18 years and above and up to the age of 65 yrs. Minimum Income Criteria (Gross Annual Income)

Salaried/ Non-Salaried 4 Wheeler 2 Wheeler
Rs.3,00,000 Rs.1,80,000

Maximum Loan Amount

  • Two Wheeler – Rs.10.00 lakh.
  • New Four Wheeler - Rs.75 Lakh(Indian/Foreign made Vehicle)

Margin

  • Loan Amount up toRs.20 lakh - Minimum 10%
  • Loan Amount more than Rs.20 lakh - Minimum 20%
  • Loan may be sanctioned on “On Road Price” (cost of vehicle+ Registration Charges+ Road Tax+ Cost of Insurance). Additional cost for fancy numbers shall not be financed by bank.

Repayment Period in Months

Type Repayment Period
2- Wheeler 60 Month
4-Wheeler (New) 84 Month

Eligibility

All individuals of age 18 years and above and up to 65 years for:

i.  Permanent salaried employees of Central / State government / Local self-government / Defence staff / employees of PSU / Large Corporates / reputed establishments.

ii.  Self-Employed Persons / Independent Entrepreneurs who have regular source of income

iii.  Farmers irrespective of land holding engaged in production oriented agricultural activities and in other allied activities.

iv.  Non-resident Indians in India jointly with a resident of India who is a close relative of the NRI. The vehicle is for use in India only.

v.  All Staff members of our bank including probationers, whether singly or jointly with spouse or children.

vi.  Blood relatives like Mother, Father, Spouse, Brother, Sisters, Son, Daughter can be accepted as co-borrower who has regular source of income i.e. income of the co-borrower may be clubbed to calculate eligible loan amount.

vii.  Friends and distant relatives like Uncle, Aunts Nephew and Niece etc. are not eligible to join as co-borrower

viii.  Maximum no. of applicants are restricted to two(2).

ix.  Co-borrowers must be taken in case of borrowers above the age of 60 years.

x.  Minimum Income Criteria (Gross Annual Income)

Quantum of Finance

i.   For Salaried Persons: -
     24 Times the gross monthly salary on the basis of last drawn salary.

ii.   For Other Individuals: -
      Two times the average annual income of last two years.

iii.  However, the Maximum Loan amount is:
       Two Wheeler – Rs.10.00 lakh.
       New Four Wheeler - Rs.75 Lakh for Indian/ Foreign made Vehicle.

Security

Hypothecation of vehicle purchased. VAHAN Registry and CERSAI has been integrated and any hypothecation charges registered with VAHAN Registry automatically updated in CERSAI. Accordingly, Registration of hypothecation charges of vehicle is not to be registered separately with CERSAI if Bank's hypothecation clause is registered with VAHAN registry.

Guarantee

i.  No Personal Guarantee to be obtained in case of loan up to Rs.5.00 lakh.

ii.  If loan is above Rs.5.00 lakh, no personal guarantee should be obtained in following cases;
     a.  Any collateral security offered, the market value of which is not less than loan amount.
     b.  Liquid security is offered at least to the extent of 50% of loan amount.
     c.  The borrower has contributed to the extent of at least twice the prescribed margin.
     d.  If the applicant is an employee of Central/State Government organization/PSU/our staff.
     e.  The borrower has satisfactory banking relationship with us for at least five years. Delegatee in the rank of Chief              Manager and above can take a decision in such case to waive the condition of personal guarantee.

iii.  In other cases, personal guarantee of a person having net worth not less than the loan amount is to be obtained.

EMI/NMI Ratio for Salaried and Non-salaried Borrower

Net Annual Income-wise graded ratio is as

Net Annual Income EMI/NMI not to exceed
Up to 5 55%
>5- 10 60%
>10 65%

NMI (Net Monthly Income) = Gross Monthly Income (GMI) – all statutory deductions & taxes (Excluding all existing and proposed EMI).

EMI for the purpose of computing the EMI/NMI ratio will include all EMI towards existing loans and the proposed loan therefore existing EMIs should not be deducted from Gross Monthly Income (GMI) for the purpose of computation of NMI.

Note : permissible loan amount will be assessed on the basis of the lower value arrived at from undernoted eligible criteria :

Maximum permissible as per Income Criteria, Cost of vehicle (LTV) or EMI/NMI Ratio whichever is lower

CIC Score

Minimum Threshold Limit CIC Score of the applicant is as under:

Name of CIC Salaried Customers Non-Salaried Customers
Transunion CIBIL 675 700
CRIF 675 700
EXPERIAN 700 725

Rate of Interest for both 2/4 wheeler

Table A : Present ROI for Salaried Borrowers:

Internal Risk Rating Score CIBIL/CRIF above 725
OR
Experian above 750
(A)
CIBIL/CRIF 701-725
OR
Experian 726-750
(B)
CIBIL/CRIF 675-700
OR
Experian 700-725
(C )
71-100 (CBI-1 to 3) RBLR(6.85%)+CRP(0.40%)
\=7.25%
RBLR(6.85%)+CRP(0.50%)
=7.35%
RBLR(6.85%)+CRP(0.60)
=7.45%
50-70 (CBI-4 to 6) RBLR(6.85%)+CRP(0.65%)
=7.50%
RBLR(6.85%)+CRP(0.75)
=7.60%
RBLR(6.85%)+CRP(0.85)
=7.70%

Table B: Present ROI for Non-Salaried Borrowers

Internal Risk Rating Score CIBIL/CRIF above 750
OR
Experian above 775
(A)
CIBIL/CRIF 726-750
OR
Experian 751-775
(B)
CIBIL/CRIF 700-725
OR
Experian 725-750
(C )
71-100 (CBI-1 to 3) RBLR(6.85%)+CRP(0.40%)
=7.25%
RBLR(6.85%)+CRP(0.50%)
=7.35%
RBLR(6.85%)+CRP(0.60%)
=7.45%
50-70 (CBI-4 to 6) RBLR(6.85%)+CRP(0.65%)
=7.50%
RBLR(6.85%)+CRP(0.75%)
=7.60%
RBLR(6.85%)+CRP(0.85%)
=7.70%
Loan type Forms
Application Form 1 for Loan of Rs.5 Crore to Rs.15 Crore Download Word Document Format
Download PDF Format
Application Form 2 for Loan of Rs.15 Crore to Rs.40 Crore Download Word Document Format
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Application Form 3 for Loan of Rs.40 Crore and above Download Word Document Format
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Standardised Common Loan Application Form for Agriculture Credit Download PDF Document Form
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