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Quantum Min :  Rs. 50,000/-
Max : Rs. 8,00,000/-
Not exceeding Rs. 5 lacs for old vehicles
Net take home salary should be 50% of gross salary after EMI of proposed loan
Margin 20% of the cost of the vehicle including standard accessories, initial registration fees, insurance fees and one time tax
35% in case of second hand vehicles
Eligibility Criteria Salaried employees with a minimum salary of Rs. 10,000/- per month and confirmed  service of at least two years
Self employed  professionals and other individuals, having permanent ownership residence in Mumbai, on  merit
Security Hypothecation of the said vehicle and noting of charge with RTO.  In absence of check-off facility additional collateral to cover atleast 40% of loan amount in the form of specified security OR Third party guarantee from existing depositors /mass clients /individual for the loan amount
Insurance Comprehensive  insurance policy with agreed Bank clause, to be renewed periodically during entire tenure of the loan at borrowers cost. Copy submitted to Bank for record.
Charges 1% of loan amount.
Repayment  12 months to 84 months for new vehicles not exceeding 36 months for old vehicles, Customers choice
Prepayment No pre-payment penalty
Disbursement Through Pay Order favouring the seller/dealer after receipt of margin amount from borrower.
Appraisal Docs
1. Attested copy of latest salary slip & Form 16 for salaried employees
2. Income tax returns for the last 3 years for self-employed persons
3. Pass book or bank statement for last six months
4. Proof of Age and Residence
5 .Proforma Invoice/quotation for vehicle to be purchased
6. Valuation certificate from reputed garage for second hand vehicle
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