Eligibility

The following people are eligible to apply for a New Car Loan:

Salaried Individuals:

• This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
• Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure.
• Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
• Those who earn a minimum of Rs. 3 lacs per year, including the income of the spouse/co-applicant.
• Individuals who have a telephone/post-paid mobile.

Self Employed Individuals and Professionals (Sole Proprietorship):

• This includes self-employed sole proprietors in the business of manufacturing, trading or services.
• Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure.
• Those who have been in business for a minimum of 2 years.
• Should earn at least Rs. Rs. 3 lacs per annum.

Self Employed Individuals and Professionals (Partnership Firms):

• This includes self-employed partners in the business of manufacturing, trading or services.
• Those who have a minimum turnover of Rs. Rs. 3 lacs per annum.

Self Employed Individuals and Professionals (Private Limited Companies):

• This includes individuals who own a private company in the business of manufacturing, trading or services.
• Should earn at least Rs. Rs. 3,00,000 per annum.

Self Employed Individuals (Public Limited Companies):

• This includes directors in public limited companies that are in the business of manufacturing, trading or services.
• Should earn at least Rs. Rs. 3 lacs per annum.

Fees & Charges

Documentation Charges	No Documentation Charges
Processing fees*(Non - refundable)	1% of the loan amount + gst charges.
Foreclosure charges*	No foreclosure allowed within 12 months from date of availing the car loan. NIL Foreclosure Charges after 12 months on the loan tenure from 12 to 36 months. No foreclosure charges. NIL Foreclosure Charges after 24 months on the loan tenure from 37 to 60 months. No foreclosure charges.
Part-Payment charges*	Part-payment is allowed subject to completion of 12 months (i.e. Post payment of 12 EMIs) on the loan tenure from 12 to 36 months. Part-payment is allowed subject to completion of 24 months (i.e. Post payment of 24EMIs) on the loan tenure from 37 to 60 months. NIL Pre-payment Charges.
Cheque/ ECSswapping charges	Rs 500/- Instance
Loan cancellation	In the event of cancellation during loan processing 50% of of the processing fee will be refunded.
Legal, Repossession & Incidental charges	At actuals
Duplicate no due certificate / NOC	Rs 500/- Instance
Loan Reschedulement charges/ rebooking charges	Rs. 500/- will be charged
LPG/ CNG NOC/ Other Special NOC	Rs 250/- Instance
CIBIL Charges (only on request)	Rs. 50/-
Bounced Payment Return Charges	Rs 450/- per Instance
Collateral Charges*	Rs.500/- To be refunded in case of case cancellation.
RTO Transfer Charges	At Actuals

Documentation

Salaried Individuals

1. Any of the following documents as identity & Address Proof
   • Valid Passport
   • Permanent Driving license [recent, legible, laminate]
   • Voters ID Card
   • Job card issued by NREGA
   • Letter issued by the National Population Register containing details of name & address
   • Aadhar Card(only if Submitted voluntarily & backed by Aadhar consent Letter.1st 8 digits of Aadhar Number on physical copy to be redacted)Aadhar Card can be Physical Aadhar or Print out of e- Aadhar (not older than 30 days from the date of application).
2. Latest salary slip and Form 16 as income proof
3. Bank statement of the previous 6 months

Self Employed Individuals (Sole Proprietorship)

1. Any of the following documents as identity & Address Proof:
   • Valid Passport
   • Permanent Driving license [recent, legible, laminate]
   • Voters ID Card
   • Job card issued by NREGA
   • Letter issued by the National Population Register containing details of name & address
2. Latest Income Tax Returns (ITR) as income proof
3. Bank statement of the previous 6 months

Self Employed Individuals (Partnership Firms)

1. All the following documents as income proof:
   • Audited Balance Sheet
   • Profit & Loss Account of the previous 2 years
   • Company ITR for the previous 2 years
2. Any of the following documents as address proof:
   • Telephone Bill
   • Electricity Bill
   • Shop & Establishment Act Certificate
   • SSI Registered Certificate
   • Sales Tax Certificate
3. Bank statement of the previous 6 months

Self Employed Individuals (Private Limited Companies)

1. All the following documents as income proof:
   • Audited Balance Sheet
   • Profit & Loss Account of the previous 2 years
   • Company ITR for the previous 2 years
2. Any of the following documents as address proof:
   • Telephone Bill
   • Electricity Bill
   • Shop & Establishment Act Certificate
   • SSI Registered Certificate
   • Sales Tax Certificate
3. Bank statement of the previous 6 months

Self Employed Individuals (Public Limited Companies)

1. All the following documents as income proof:
   • Audited Balance Sheet
   • Profit & Loss Account of the previous 2 years
2. Any of the following documents as address proof:
   • Telephone Bill
   • Electricity Bill
   • Shop & Establishment Act Certificate
   • SSI Registered Certificate
   • Sales Tax Certificate
3. Bank statement of the previous 6 months