Corp Mobile -Vehicle Loan

The Bank's Vehicle Finance Scheme

'CorpMobile' 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 CorpMobile loan scheme has been designed for people like you, who would like to move up in life without paying through the nose for it. CorpMobile 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

Individuals [Professionals/Businessmen/ Salaried class and others] NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies, Trusts/ Institutions are eligible.

For two wheelers & three wheelers:

Applicants with minimum net annual income of Rs.0.50 lakh

For four wheelers:

Applicants with minimum net annual income of Rs.1.20 lakh

Income Proof:

Salary slip, IT Return, Balance sheet etc.

2. Purpose

For purchase of 2/3/4 wheelers/heavy road/waer transport vehicles/ for personal /transport/business/commercial purpose.

Loans for purchase of vehicles upto three years old from the date of first purchase of the four wheeler vehicle only may be considered.

3. Quantum of Loan (Maximum)

For 2 wheelers : Rs.1 lakh per vehicle

For 3 wheelers : Rs.2.00 lakh per vehicle

For 4 wheelers and heavy vehicles/water transport vehicles : Maximum Rs. 75 lakh per vehicle

4. Margin

15% of cost f the vehicle (cost of the vehicle is inclusive of Accessories/Registration/Road tax/Insurance charges) for new vehicles

25% of market value certified by the competent valuer, for second hand vehicle which have not completed 3 years from the date of first registration.

5. Rate of Interest

Applicable for fresh loans sanctioned/initially disbursed on or after 04.03.2009

Tenor upto 3 years 11.00%
Tenor above 3 years & upto 5 years 11.25%
Tenor above 5 years & upto 7 years 11.50%

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 may be stipulated, on case to case basis, by the Sanctioning Authority at his/her discretion and based on risk perception.

8. Repayment

In case of Individuals other than salaries class, the annual EMI in respect of installments/notional interest of existing & proposed loan together shall not exceed 50% of the net annual income.

In case of salaried class EMI in respect of installments/notional interest of existing & proposed loan together shall not exceed 50% of take home salary.

9. Service Charges

Two wheeler & three wheeler
0.50% of the loan amount sanctioned with a minimum of Rs.500/-.
Four wheeler
1.00% of the loan amount sanctioned with a minimum of Rs.1000/