1. Purpose

For purchase of New Electrical Car (e-vehicle) / Hybrid Model car, New Two-wheeler vehicle & Reimbursement of cost of New Electrical Car (e-vehicle).

Note:

1. For reimbursement, vehicle should not be older than 03 months (from the date of invoice).
2. Non-commercial use and to be registered as private vehicle.
3. Only individuals & proprietorship concerns shall be eligible for new two-wheeler vehicle.
4. No reimbursement of cost of two-wheeler vehicle to be done.

2. Eligibility

• Minimum net monthly salary / pension/ income – Rs 30000/-

• For purchase of new vehicle: Individuals as well as business concerns (Corporate or non-corporate).

• For Reimbursement of cost:

1. Existing borrower with satisfactory track record viz. all loan accounts running regular.

                                                   or

Existing SB/CA customer with satisfactory track record and maintaining average monthly balance of Rs. 50000/- & Rs. 100000/- respectively in Saving/Current account for last six months.

                                                         or

Permanent Government/PSU employee.

                                                    or

Salaried customer who are maintaining salary account with our Bank.

2. Purchased the car out of own fund. For this purpose, documentary evidence of payment made from own sources viz. statement of a/c or any other document and independent verification of invoice from dealer be made. Physical condition of the vehicle must be inspected by the Branch In-charge. A colored photograph of the vehicle to be kept on record.

3. Invoice date of the vehicle should not be older than 3 months.

3. Age limit

Minimum :18 years

Maximum: Subject to adjustment of loan for Individuals / Prop. before the age of:

Service class non pension   – 60 years

Service class with pension  – 70 years

Others                               ­­­­     – 70 years

Note-In case any younger Co-borrower (spouse / major children / brother/ daughter-in-law) is proposed having 50% or more contribution towards IIR (Installment to income ratio), the eligibility criterion w.r.t. age of the younger Co-borrower may be considered.

4. Quantum of loan:

1. For Individuals & Proprietorship concerns:

• In case of electrical car/hybrid model car -No maximum ceiling on amount of loan.

• In case of two-wheeler vehicle- maximum Rs.5.00 lacs.

5. M argin

(i) For New vehicles:

Applicable margin of on-road price inclusive of one time Road Tax, Registration & Insurance, shall be as under:

1. All customers- 10%
2.  Govt/PSU employee- 5%
3.  Govt/PSU employee where salary A/c with our Bank- NIL

Note: Point number b & c shall be applicable only for permanent Government employee (Central/State), PSU and Defense Personnel. It shall not be applicable for employee of education institutes approved by General Manager (Retail Credit).

(ii) For existing borrowers who have availed Mortgaged backed loan (borrower(s) should be property owner) from the Bank and the same is running regular for last one year, NIL margin, of on-road price inclusive of one time road tax, registration & insurance, subject to Borrower to undertake that title deeds will not be withdrawn and property will not be disposed off till closure of vehicle loan (Annexure-I) and copy of the same should be kept with documents of previous loan.

 (a & b - Exclusive of accessories.)

2.  For Reimbursement - 25% on ex-showroom price of vehicle.

Further, for reimbursement, confirmed sanction to be accorded to the borrower. However, disbursement to be made after insertion of Bank name in the Registration Certificate of the vehicle.

6. Rate of interest

Rate of Interest as circulated by HO RMD Department from time to time.

7. Repayment

1. In case of electrical car/hybrid model car-maximum 84 months.
2. In case of two-wheeler vehicle-maximum 60 months.

8. Security

Hypothecation of vehicle.

9. Guarantee

1. Individual / Proprietorship cases:

1. Where installment is paid through deduction from salary/salary account: - Waived.
2. In other cases: - Guarantee of Spouse/Major Children/Third party to be obtained.

However, where gross monthly income of borrower including co-borrower is Rs.50000 & above, guarantee is waived.

2. Partnership Firm cases:

No guarantee to be obtained as all the partners would execute the documents and would be liable jointly and severely. 

3. Joint Stock Companies/ Trusts / Associations etc.:

Personal guarantee of any Director/ Trustee / Member (other than those who are executing the documents).

• If co-borrower is taken in any case, the guarantee may be waived by giving justification in the proposal.

10. Processing Charges

0.25% on the loan amount, subject to minimum of Rs.1000.00 and maximum of Rs.15000.00

11. Documentation Charges

Actual Stamp/ Revenue expenses only.

12.Prepayment Charges

No foreclosure charges/pre-payment penalties including takeover cases.

13. Inspection Charges:

NIL