Retail Loans

Purpose

• Purchase of two wheelers – only new vehicles
• Purchase of four wheelers – new/used vehicles

Eligibility

• Individual Indian Citizens
  • Minimum age is 18 years & maximum age is 65 years
  • Minimum annual income Rs.1.00 lakh for two wheeler
  • Minimum annual income Rs.2.00 lakh for four wheeler
• Sole Proprietorship Concern/Partnership Firm/Companies

Quantum of Loan

• Two Wheeler: Maximum upto Rs.3.00 lakh
• Four Wheeler: No upper ceiling

Assessment of loan quantum

• Salaried Individuals:
  • Take Home Pay after deduction of all repayment/expenditure obligations including vehicle loan repayment should be greater than or equal to 40.00% of the applicants gross monthly income as per pay slip/Form 16/ITRs.
• Non Salaried Individuals/Firms/Companies:
  • Net Annual Income after deduction of all repayment/expenditure obligations including vehicle loan repayment should be greater than or equal to 40.00% of the gross annual income as per ITRs.
• For Agriculturists:
  • Net Annual Income after deduction of all repayment/expenditure obligations including vehicle loan repayment should be greater than or equal to 40.00% of the gross annual income as per Branch Manager Assessment.

Your Share/Margin

• For new vehicles:

  Category	Existing Borrower	New Applicant
  Two Wheeler	20.00%	25.00%
  Four Wheeler	15.00%	20.00%

• For used four wheelers: 30% of the purchase cost

Moratorium Period

• No moratorium period

Repayment

• For all vehicle loans:

  Category	Agriculturists	Non Agriculturists
  Two Wheeler	5 years	5 years
  Four Wheeler	7 years	7 years

• Mode of repayment:
  • For non-agriculturists: EMIs
  • For agriculturists: Equated Monthly/Quarterly/Half-Yearly & Yearly Installments

ROI & Processing Fee

• As per bank’s internal guidelines from time to time

Security

• For loans upto Rs.1.00 lakh:
  • Hypothecation charge on the vehicle financed by the Bank
• For loans in between Rs.1.00 lakh to Rs.25.00 lakh:
  • Hypothecation charge on the vehicle financed by the Bank
  • 12 post dated cheques
• For loans above Rs.25.00 lakh:
  • Hypothecation charge on the vehicle financed by the Bank
  • 12 post dated cheques
  • Collateral security worth 150% of the loan quantum

Guarantee

• For Individuals:
  • Loan amount less than or equal to Rs.50,000/-:Guarantee & Loan Co-obligation not required.
  • Loan amount more than Rs.50,000/-:
    a) Spouse/parents/siblings with worth greater than 100% of loan quantum may join as loan co-applicants (or) b) Third Party Guarantee from local person with worth greater than 100% of the loan quantum
• Partnership Firms: Guarantee from all partners
• Company: Guarantee from all Individual Directors of the Company

Insurance

• Vehicle must be insured to its full value with Bank Clause

Purpose

Loan/Overdraft against property for any purpose other than speculative purposes

Eligibility

• Individuals & groups of individuals (salaried or non-salaried & agriculturists with ITRs for at-least 2 years)
• Age: 21 to 65 years. Applicant’s age on loan due date should not be more than 75 years.
• Proprietorship concerns, partnership firms, companies with cash profits for the last 2 years
• Trusts/Societies/Partnership firms with Karta/HUF as partner are not eligible

Type of facility

• Term Loan
• Overdraft

Repayment Period

• Term Loan: Maximum 15 years
• Overdraft: 10 years with 10% yearly cutback in limit such that limit is liquidated at the end of 10 years

Permissible Bank Finance

• Salaried Individuals/Pensioners: 60 times of gross monthly income as evidenced by payslips of last 3 months/pension payment orders/ITRs and/or salary certificates of last 2 years.
• Non-salaried Individuals: 5 times of average gross annual income of last 2 years as per ITRs
• Net income after deduction of all expenses, existing/proposed loan repayment obligations should not be below 30% of the gross monthly income of the applicants
• Concerns/Companies/Firms: 3 times the average cash profit for the last 2 years as evidenced by Audited Financials & ITRs

Margin

• Term Loan: 40% of the realizable market value of the property
• Overdraft: 50% of the realizable market value of the property

Acceptable Security Properties

• Residential/commercial site/plot/land
• Residential house/flat
• Commercial buildings
• Minimum property realizable value must be Rs.10.00 lakh
• Maximum age of the building/house/flat less than 25 years with minimum residual age of 15 years of loan repayment period
• Property will be valued based on title deed price/value till completion of 1 year from the date of the title deed

Guarantee

Third party guarantee with minimum worth of 150% of the loan quantum

Rate of Interest, Processing Charges & Other Charges

As per bank’s internal guidelines from time to time

Purpose

• For meeting personal expenses and exigencies

Eligibility

Salaried individuals:

• Age:Minimum: 18 years
• Maximum:
  • Loan should terminate when Applicant/Co-applicant reaches age of 75 years in case of pension eligibility.
  • Loan should terminate at retirement for non-pensioners

For Non-Salaried Individuals:

• Age:Minimum: 18 years
• Maximum:
  • Loan should terminate when applicant/co-applicant reaches age of 70 years.
  • Professionals such as Doctors, Advocates, Engineers, Chartered Accountants etc. are eligible while agriculturists/Businessmen are not eligibile.
  • Takeover with/without enhancement of the applicant’s personal loans from other Banks / FIs under this scheme is also permitted subject to eligibility.

Reckoning of income

Salaried Individuals:

• Last 3 months payslips & ITRs for the last 2 years, Employee ID, Salary Certificate & Salary Account Statement.

Non Salaried Individuals:

• ITRs for the last 2 years.

Assessment of Loan Quantum Based on Income

Salaried Individuals:

• Take Home Pay should be greater than or equal to 30% of Gross monthly salary after deduction of all repayment obligations including personal loan repayment.

Non Salaried Individuals:

• Net Annual Income should be greater than or equal to 30% of Gross annual salary after deduction of all repayment obligations including personal loan repayment.

Quantum of Loan

Rate of Interest

** Terms and Conditions apply.

Repayment Period

• Upto a maximum of 10 years.

Mode of Repayment

• Equated monthly instalments starting from the succeeding month of loan disbursement

Processing Charges

• 0.50% of loan quantum + GST.

Prepayment Charges

• In case of loan pre-closure prior to 36 months from date of loan disbursement: Nil
• In case of loan pre-closure after 36 months from date of loan disbursement: 1.00%

Penal Interest

• 2.00% over & above existing ROI

Security

• NIL

Guarantee

For salaried individuals:

• Guarantee must be obtained from a salaried individual only whose net worth, calculated as 3 times of his/her annual income, supported by ITRs/Form 16, is equal to the loan quantum to be sanctioned.

For non-salaried individuals:

• Guarantee must be obtained from a salaried/non-salaried individual whose net worth, calculated as 3 times of his/her annual income, supported by ITRs/Form 16, is equal to the loan quantum to be sanctioned.

Liability Insurance

• Mandatory for the applicants with age over & above 55 years.