Details

Guidelines

Type of Loan

Term Loan

The Loan shall be classified under Vehicle Loan

Purpose of Loan

For purchase of new Two wheeler/Four Wheeler both Electric & Non-Electric

Old Non-Electric Four Wheeler (must not be more than five years old).

The vehicle must be registered solely in the name of the female borrower only.

Target Group/

Eligibility

• Only Residential Indian Individual Women are eligible.
• Women Staffs are Eligible.
• Individuals engaged in employment, business, or self-employment are eligible to avail loans under this scheme.
• For students applying for loans under this scheme, it is mandatory that their parents or guardians to be included as co-applicants. This ensures that there is financial backing and responsibility for the repayment of the loan.

Co-Applicant

For loan eligibility purposes the following relationships shall be considered for enhanced eligibility

Only income from immediate family members including spouse, father, mother, son, daughter, brother, sister, son-in-law, and daughter-in-law shall be included; income from other relatives is not eligible for consideration.

Interest Rates

Retail Credit Interest Rates (Click here)

Age

Individuals should be in the age group of 18 years to 65 years and should hold valid driving license.

In Case of Joint Borrowers, exit age should be taken into the consideration only for the borrower in whose name the vehicle is registered.

Loan Amount

New Electric & Non-Electric Four-Wheeler:

90% of On-Road Price of the Vehicle without any ceiling

On - Road Price: Includes Ex-Showroom Price, Road Taxes, Insurance Only. The Cost of accessories, Extended Warranty and any other Maintenance charges are not a part of On -Road Prices.

Used Non-Electric Four-Wheeler:

Upto 3 years – 80 % of Market Value

Above 3 yrs less than 5 Years- 75 % of Market Value

Margin

Two Wheelers : 10%

Four Wheelers :

New Car (Electric & Non Electric) : 10%

Used Car(Non-Electric) : Upto 3 years – 20 %

Above 3 yrs less than 5 Years- 25 %

Holiday Period

NIL

Repayment Period

Repayment Period:.

Two Wheeler :

The maximum repayment period will be 6 years (72 months) subject to the condition that repayment should be co-terminus with retirement.

Four Wheeler :

New Electric & Non-Electric Four-Wheeler: The maximum repayment period will be 7 years (84 months) subject to the condition that repayment should be co-terminus with retirement.

Used Non-Electric Four-Wheeler:

The vehicle age at the time of purchase should not exceed 5 years, and the total age plus repayment period should not exceed 84 months (7 years).

CIC Report

Minimum score shall be 700. Borrowers with -1/ New to Bank/New to Credit Score shall also be eligible.

Prepayment /Pre-closure Charges

NIL

Penal Charge

2% of Overdue amount will be collected for the number of days of delay

Required Documents

• Proof of Identity
• Proof of Address
• In case of Student - Student ID card/Bonafide Certificate- Co-Applicant is Mandatory
• Bank Account Statement for the last 6 months
• Three latest salary slips/current dated salary certificate with the latest Form 16 in case of Salaried
• Last Two Years ITR in case of Self-Employed Individuals

Processing Documentation Charges

NIL

Security

Hypothecation of Vehicle Purchased (Hypothecation clause to be marked and included in RC and Insurance Copy)