Loan to value : 75% of On-road Price (Including Taxes & Insurance)
Eligible Age Group : People with age between 21- 65 years are eligible.
The scheme is applicable to Businessmen, Professionals & Self Employed and Agriculturists’ under ‘Tatkal Tractor Scheme’ who are engaged in economic activity which gives them income but have no proof of income.
Aadhar card of the borrower should be obtained.
Minimum Income Criteria : Minimum Net Annual Income (NAI) of Rs.2,50,000/- declared in Application Form.
EMI/NMI Ratio : As per regular Car Loan scheme as follows :
Net Annual Income
EMI/NMI Not to Exceed
Upto Rs 10 Lacs
50%
Above Rs 10 Lacs
60%
Dial 1800-11-2211 for more information/ applying through Contact Centre
Give a Missed Call on 7208933142 or SMS “CAR” on 7208933145 to get a call back from our Contact Centre
Documents Required
Bank Account Statement:
(Not applicable for Existing SME Customers:-
(a).having covered under “SME SMART SCORE” for last 2 years with satisfactory annual review
(b). having SME Credit Card for min Rs. 2 lacs for the last 2 years with satisfactory review.)
For Others :
Customer must have Saving/Current bank account in his/her name or his business entity's name for at least 2 years.
Bank statement will be thoroughly scrutinized to check other repayment obligations.
Statement of Bank account will be obtained for the last 12 months reflecting regular transactions over the year.
Job / Stability :
(Not applicable for Exsisting SME Customers : -
(a).having covered under “SME SMART SCORE” for last 2 years with satisfactory annual review
(b).having SME Credit Card for min Rs. 2 lacs for the last 2 years with satisfactory review.)
For Others :
Minimum 3 years at the current residence
Must have a CIBIL score of 700 & above, if not residing in own/ parental House and 650 & above if residing in own/parental house.
The applicant must be carrying on activity for 5 years in case of businessmen and for 3 years in case of professional and self-employed.
Proof of activity will be ensured and verified.
Physical visit to office/work place/shop will be ensured and feedback from few firms in the neighborhood obtained during pre-sanction survey to establish stability of activity.
KYC :
(Not applicable for Existing SME Customers:-
(a). having covered under “SME SMART SCORE” for last 2 years with satisfactory annual review
(b).having SME Credit Card for min Rs.2 lacs for the last 2 years with satisfactory review.)
For Others:
KYC is MUST for all customers
Web verification of KYC documents to be ensured as per extant instructions.