Organisation : Central Bank of India
Facility : Apply for Vehicle Loan
Home Page : https://www.centralbankofindia.co.in/en
Apply here :https://www.centralbankofindia.co.in/en
Vehicle Loans :
Purpose :
For purchase of New two wheeler i.e. Scooter, Moped, Motor Bike, electronic bike (e-bikes) etc. and four Wheeler i.e. Car, Jeep, Utility Vehicle, SUV, electric car like Reva, battery operated vehicle etc. for personal use or old / second hand cars which should not be older than 5 years and have expected residual life of minimum 10 years.
Eligibility :
** Individuals (age 18 years to 65 years) as well as Business Concerns (Corporate or non-corporate)
** Minimum gross annual income should be Rs. 2,40,000 for 4 wheelers (old/new) and Rs. 1,20,000 for 2 wheelers including income of spouse/ parent
Quantum of finance :
** For Salaried Person and Individuals
** 24 Times of Gross Monthly Salary on the basis of Last Salary Drawn for salaried person and 2 Times of Average Annual Income of last two years
** For Companies, Proprietorship/ Partnership Firms, Societies
** Three Times of Average Annual Cash Accrual (PAT+Depreceiation) as per last two years P/L, audited B/S of the company/firm as applicable
However, the Maximum Loan amount should be as under :
** Two Wheeler Rs. 1.00 lakh.
** New Four Wheeler Rs. 50 Lakhs (Indian/Foreign made vehicle)
Security :
Hypothecation of vehicle purchased i.e. it will be registered with RTO in the name of the borrower jointly with the Bank
Repayment
Loan is repayable in Equated Monthly Installments commencing from subsequent month of disbursement as below subject to the borrower reaching the age of 70(Maximum)-