The finance under this scheme shall be available for purchase of: An old car / jeep (not more than 5 years old). (Any make or model)

Permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or reputed establishments. Professionals or self employed individuals, Proprietorship Concerns. Partnership Firms, Private /Public Ltd Co.

Age Criteria
Salaried Individual
The applicant should be at least 21 years old at the time of application, and below 58 years of age at the time of maturity of the loan. 

*For institutions, where retirement age is 60 years, the upper age limit shall be 60 years.
Self- Employed Individual
Any Proprietor, Partner, Professional or director above 21 years of age but below 65 at the time of the loan's maturity
Partnership Firm
NA
Private/Public Ltd Co.
NA
Minimum period of current employment/existence.
Salaried Individual
The applicant must have been in current service for at least 3 years.* Only 2 yrs for Individuals drawing salary through our branches & where letter of undertaking from employer is available.
Self- Employed Individual
At least 3 years in business.
Partnership Firm
Should have been in existence for at least 3 years.
Private/Public Ltd Co.
Limited Companies should have been in existence for at least 3 years.
  • 25% for vehicles having age less than 3 years.
  • 30% for vehicles having age of 3 years and above upto 5 years.
  • 2.5 times of the net annual income or 15 lacs, whichever is lower. If married, the spouse's income also considered provided the spouse guarantees the loan. Loan amount for used vehicles shall be subject to a maximum limit of  15 lacs.
  • The number of vehicles to be sanctioned to a single borrower under Car Finance (Used) at any point of time should not exceed more than 2 vehicles subject to maximum prescribed limit of  15.00 lac.
  • Maximum repayment period of 72 months for vehicles having age less than 3 years.
  • Maximum repayment period of 48 months for vehicles having age of 3 years & above to 5 years.
  • Primary: Hypothecation of vehicle to be purchased.
  • Collateral: No third party guarantee required in respect of employees drawing salary through our branches & where letter of undertaking from employer is available. Third Party Guarantee of two persons for all other applicants. Third Party Guarantee may be waived off in case of existing account holders having good reputation. Instead Post Dated Cheques may be accepted.

Prepayment of any amount allowed any time after a period of 6 months at prepayment penalty @2% for the amount prepaid

 200/- per cheque

The value of the vehicle will be ascertained on the basis of present market value of the new car of same variety & configuration less the depreciation, which shall be as follows

Age of the vehicle % Of Depreciation for fixing value.
Not exceeding 6 months. 5%
Exceeding 6 months but not exceeding 1 year. 15%
Exceeding 1 year but not exceeding 2 years. 20%
Exceeding 2 years but not exceeding 3 years. 30%
Exceeding 3 years but not exceeding 4 years. 40%
Exceeding 4 years but not exceeding 5 years. 50%