| Loan Amount |
85% of Ex-Showroom Price subject to maximum Loan amount Rs 5.00 Lakhs |
| Repayment Tenor |
1 Year to 5 Years |
| Processing Charges |
2.50% on Loan Amount + GST |
| Foreclosure Charges |
4% on Loan outstanding. |
| Primary Security |
Hypothecatin of Vehicle in favor of CITO Nidhi |
| Guarantee |
Co-Applicant should be Spouse or any Blood relative acceptable to Bank |
| Collateral Security |
A suitable Guarantor is required where Co-Applicant is not available |
| Co-Applicant |
Co-Applicant should be Spouse or any Blood relative acceptable to Bank. |
| Vehicle Insurance Coverage |
Mandatory to take the comprehensive Insurance policy to the extent of total vehicle IDV value with approved Insurance Company and should submit renewal copy every year. |
| Other Terms & Conditions |
- For Salaried - Applicant’s age should be minimum 21 years and maximum 58 years at loan maturity (maximum 60 years for Govt. employees) and Minimum total work experience of 3 years required
- For Business - Applicant’s age should be minimum 25 years and maximum 65 years at loan maturity and Minimum 3 years of vintage required in the same line of business.
- Minimum Net Salary should be Rs 12,000/-pm for Salaried, and Minimum Business Income should be Rs 1.50 Lakhs for Self-Employed. Income Proof of Salary for Salaried and Income proof from Business for Self-employed is required.
- Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 15,000/- per month is mandatory under No Income Program
- Pro-forma Invoice of Vehicle, Margin Money receipt from Dealer, RTO Set should be furnished
- Vehicle should be hypothecated in favor of Bank and Insurance Policy should contain the same
- PDC Cheques needs to submitted
- Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Loan policy on delayed payments
- Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
- Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified.
- All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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