For purchase of Certified Pre-Owned cars such as Maruti True Value, Mahindra First Choice, etc.
Age of Vehicle
Not more than 10 years old
Age of Borrower
Minimum Age
21 years
Maximum Age
67 years
Loan must be fully repaid before the borrower attains the age of 70 years
Loan Amount
Minimum: Rs. 3.00 Lakh
Maximum:
30 times NMI of salaried persons.
In case of others, maximum loan amount would be 2.5 times the net annual income.
For agriculturists, the annual net income should be based on the nature of their activity, (i.e., farming, dairy, poultry, orchards) land holding, cropping pattern, yield, etc. Average income from their activity will be considered.
EMI/NMI
50%
LTV
85% of Ex-showroom Price
Margin
Margin: 15% of Ex-showroom price
Processing fee
1.25% of loan amount + GST
Minimum: Rs.3750/- plus GST
Maximum: Rs. 10000/- + GST
Term
10 years minus the age of the vehicle at the time of applying for loan subject to a maximum tenure of 5 years
Valuation
Invoice price will be accepted as quotation.
For OEM’s cars Insurance Dealer Value (IDV) is to be considered as quotation.
