Saptagiri Vehicle Loan Scheme


Purpose
  • For purchase of
    1. New Four Wheeler
    2. Used Four Wheeler (Age not more than 3 years)
    3. Financing of second hand vehicle on the basis of duplicate Registration Certificate is not permitted
Income Criteria
  • Minimum Gross monthly income : 20,000/- p.m
Eligible Amount
  • Salaried: 20 times of Gross monthly Salary
  • For Professionals and Businessmen: 20 Months Income (average income earned in the last 2 years)
  • For Agriculturists: 20 Months Income – to be calculated based on the income certificate given by Tahasildar
Take Home Pay
  • Net Take Home Pay after deducting proposed Loan EMI: 40% of Gross Pay
Maximum Loan Amount
  • Four Wheelers: 20 Lakhs
Rate of Interest
  • Upto 20 Lakhs (New Vehicle) - 8.9%
  • Upto 20 Lakhs (Used Vehicle) - 12.9%
Margin
  • New Vehicle -15%
  • Used Vehicle – 40%
  • For Farmers (New/used) – 40%
Security
  • For Loans upto 10 Lakhs:
    a) Hypothecation of Vehicle purchased out of the loan amount
    b) If considered necessary by the sanctioning authority tangible security / guarantee to be made available for the advance
  • For loans above 10 Lakhs:
    a) Hypothecation of Vehicle purchased out of the loan amount
    b) For portion beyond Rs.10lakhs, 100% collateral security in the form of EM of properties/ NSC /fixed Deposits / Surrender value of LIC policies to be stipulated
    c) Suitable third party guarantee is desirable
Guarantee
  • If income of spouse is included -guarantee of spouse
  • For all Vehicle Loans - guarantee of spouse / third party (in case spouse is not available / unmarried)
Lien
  • Bank’s lien will be noted in RC Book. In case of second hand vehicles, no prior lien should persist on the vehicle
Repayment Period
  • New Vehicle - Maximum up to 84 months
  • Used Vehicle - Repayment period should be fixed based on the age of vehicle subject to a max. Period of 60 months
  • Age of the Vehicle Repayment Period
    Upto 2 years 60 Months
    Above 2 years upto 3 years 48 Months
    Above 3 years upto 4 years 36 Moonths
    Above 4 years upto 5 years 24 Months
Processing Charges
  • 1% + GST
Designed by Yaswanth Gupta Bondada & Raghav Vellore