'CorpVehicle' gives you greater value, flexibility, convenience and affordability. Perhaps you have been postponing your needs to have a two wheeler/four wheeler for quite a long time. The CorpVehicle loan scheme has been designed for people like you, who would like to move up in life without paying through the nose for it. CorpVehicle offers you the easiest motor cycle/Car loans with absolutely no hassles. Isn't it time to get a motor cycle/car of your own?
1. Eligibility
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Individuals [Professionals/Businessmen/ Salaried class and others] NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies, Trusts/ Institutions are eligible.
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Main applicant shall have income.
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Income of the spouse/close relative/s can be included if they join as Co-applicants to supplement repayment capacity.
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In case of Company/Firm/Trust, Directors/Partners/Trustees having regular/ independent income can join as co- applicant/s to supplement repayment capacity.
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In case of salaried class, applicant/co applicant must be confirmed in the service.
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For 2 & 3 wheelers :Applicants to have a minimum NET annual income of Rs.0.50 lakhs.
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For Four wheelers :Applicants to have a minimum NET annual income of Rs. 1.20 lakh.
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Cash accruals/Depreciation also added to income, in case of borrowers other than salaried class.
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In case of loan to Road/Water Transport Operators & where vehicle is used for commercial purposes & for Educational Institutions, repayment capacity is arrived at based on Debt Service Coverage Ratio (DSCR).
2. Purpose
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For purchase of 2/3/4 wheelers/heavy road/water transport vehicles/ for personal /transport/business/commercial purpose.
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Vehicles used for mining/ digging activities, like excavators/ Bulldozers/ JCB/Crane/Road Rollers etc., are NOT considered under the scheme.
3. Loan Amount
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For 2 wheelers : Rs. 1 lakh per vehicle
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For 3 wheelers : Rs. 2.00 lakh per vehicle
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For 4 wheelers and heavy vehicles/water transport vehicles : Maximum Rs. 75 lakh per vehicle
4. Rate of Interest
Applicable for fresh loans sanctioned/initially disbursed on or after 04.05.2009
Tenor upto 3 years 10.50% (Under floating rate W.e.f: 02.08.2010) Tenor above 3 years & upto 5 years 11.00% Tenor above 5 years & upto 7 years 11.25% (Fixed rate option is not available under the Scheme)
5. Margin
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15% of cost of the vehicle (cost of the vehicle is inclusive of Accessories/Registration/Road tax/Insurance charges) for new vehicles
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25% of market value certified by the competent valuer, for second hand vehicle not completed 3 years from the date of first registration.
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Valuation obtained from the Bank’s empanelled valuer or Authorized dealer of vehicle manufacturer.
6. Security
Hypothecation of the vehicle along with noting of Bank's lien in the Registration Certificate and Insurance Policy.
7. Guarantee
Not Mandatory. However, third party guarantee or any collateral securities will be stipulated, on case to case basis, by the Sanctioning Authority at his/her discretion based on risk perception.
8. Collaterals
Collateral security stipulated at the discretion of the sanctioning authority.
9. Repayment
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Maximum 60 months for purchase of 2/3 wheelers
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Maximum 84 months for other than 2/3 wheelers.
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In case of second hand vehicles, maximum repayment period will be reduced by the extent of the age of the vehicle.
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In case of seasonal income, Quarterly/ Half yearly/Yearly instalments stipulated.
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In case of loan to Road/Water Transport Operators & where vehicle is used for commercial purposes & for Educational Institutions, repayment capacity is arrived at based on Debt Service Coverage Ratio (DSCR)
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EMI/ Notional interest as a % to net income is reckoned as per applicable guidelines.
10. Processing Charges
Two wheeler & three wheeler
0.50% of the loan amount sanctioned with a minimum of Rs. 500/-.
Four wheelers
1.00% of the loan amount sanctioned with a minimum of Rs. 1,000/-
