Click here for Cent Vehicle Scheme at a glance
Purchase of New two wheeler & four Wheeler for Personal use. (i.e. not for hiring/ferrying passengers)
- All individuals of age 18 years and above and maximum up to the age of 65
Minimum Income Criteria (Gross Annual Income)
- Permanent salaried employees/ Self-Employed Persons / Independent Entrepreneurs who have regular source of income.
- Farmers irrespective of land holding engaged in production oriented agricultural activities and in other allied activities.
- Non-resident Indians
||4 Wheeler (New/ Old)
||Rs. 2, 40, 000
||Rs. 1, 20, 000
Quantum of Finance
- Two Wheeler - Rs. 10.00 lakh.
- New Four Wheeler- Rs.75.00 lakh.
- Loan shall be sanctioned on Road Price (Cost Of vehicle + Registration Charges+ Insurance + Road Tax). Any additional cost for fancy numbers shall not be financed by Bank.
- Loan Amount Upto Rs.20 lakh - Minimum 10%
- Loan Amount More than Rs.20 lakh - Minimum 20%
Rate of Interest
Interest Rate will be on Risk Weigh based on Manual Rating Model Score For Both 2 Wheelers /4 Wheelers
RBLR=REPO + SPPEAD +CREDIT RISK PREMIUM
- Low Risk category : REPO+ 3.25 % + 0.00 % = 7.25 %
- Medium Risk Category : REPO+ 3.25 % + 0.20% = 7.45 %
( REPO RATE 4.00%)
Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities.
Repayment Period in Month
||Repayment Period In month
Prepayment Charge: No prepayment penalty