Personal Vehicle Loan

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Overview
Eligibility
Income Eligibility
Purpose
Documents
Quantum of Finance
Interest
Security
Guarantee
Repayment
Processing fee

*Note: This erstwhile Laxmi Vilas Bank product is discontinued.Download digibank Now

Eligibility

Permanent employees of reputed organisations

Professionals, self-employed persons, entrepreneurs, agriculturists

Above individuals to have minimum age of 21 and maximum of 65

Income Eligibility

Minimum annual income - Rs. 1,20,000 for four-wheelers

Minimum net monthly income - Rs. 5,000 for two-wheelers

Net monthly income need be at least twice the monthly instalments fixed for the loan

Income of spouse or other family members may be included, subject to verification of sources

Documents

Form 16, latest salary certificate, IT returns, bank statements of last six months For agriculturalists, a declaration by applicant giving details of land holding, crop cultivated and income therefrom, duly supported by a certificate from VAO and confirmed by Branch Head/AFO (Agri Field Officer)

For other income like rent, dividend, interest & commission received, documentary evidence necessary

Quantum of Finance

Sr.No	Quantum of Finance	Description
1	New four-wheeler	25 times Net Monthly Income OR 85% of the cost of the vehicle as per invoice Maximum loan amount - Rs. 25 lacs
2	Used four-wheeler	60% of cost of vehicle with a maximum funding of Rs. 10 lacs
3	New two-wheeler	Not exceeding 6 times of the net monthly income OR 75% of the cost of the vehicle Minimum loan amount - Rs. 10,000; Maximum loan amount - Rs. 1,50,000 Standard loan amounts in multiples of Rs. 1,000 are being stipulated to ensure ease of operations and fixing EMIs

Interest

Loans for purchase of New Car/ Van/ Jeep: RBI Repo Rate (6.25%) + Spread

Loans for purchase of Used Car/ Van/ Jeep: RBI Repo Rate (6.25%) + Spread

Loans for purchase of new Two-wheelers: RBI Repo Rate (6.25%) + Spread

Guarantee

Guarantee(s) of the owners of the collateral security, if obtained OR Personal guarantee from a third party with suitable net worth or income (MUST for four-wheeler loans)