Lakshmi Personal Vehicle Loan

Purpose

For purchase of new/used car/van/jeep and new two-wheelers.

Eligibility

a. Salaried persons who are permanent employees of:
      State/Central Government
      Public SectorUndertakings/Corporations
      Private Sector Companies of Repute
      Reputed Establishments
b. Professionals and Self Employed persons.
c. Businessmen
d. Agriculturists (with minimum land holding of 8 acres of irrigated land)

Income:

An annual income of Rs. 1.20 Lacs for purchase of car/van/jeep

A minimum net monthly income of Rs. 5000/- for purchase of two-wheelers.

Note: Income from other sources like rent from properties, commission, interest, dividend,
etc., including the income of the spouse/other family members, may be included provided
these are from verifiable sources.

Age

Minimum: 21 years as on the date of application
Maximum: 55 years for all types of borrowers as on the date of maturity of the loan.

Quantum of Loan

For purchase of Car/Van/Jeep:

20 times Net Monthly Income
or
80% of the cost of the vehicle subject to a maximum of Rs.10.00 Lacs for a New Vehicle
or
60% of the cost of the vehicle as assessed by an approved automobile engineer subject to a maximum of Rs. 5.00 Lacs in the case of a Used vehicle which ever is lower

For purchase of new two-wheelers:       6 times the net monthly income

 Margin

20% of invoice value for a new car/van/jeep
40% of the value assessed by an approved automobile engineer for a used car/van/jeep
25% of the cost of the vehicle for two-wheelers

Security

Hypothecation of the vehicle purchased.

Interest Rate

New vehicles: Base Rate + 5.25% (PER: 14% p.a.)

Used 4-wheelers: Base Rate + 7.35% (PER: 16.10% p.a.)

Repayment period (Maximun)

New car/van/jeep : 60 months
Used car/van/jeep : 36 months
New Two-wheelers : 48 months

Loan processing fee

1% of the loan amount, subject to:
Minimum: Rs.500/- for four wheelers & Rs.250/- for two wheelers.
Maximum: Rs.3000/-.

Delivery Channel

Available at selected branches.