WBGB Car Loan CAR: A necessity, not just a luxury. Get your dream ride with our affordable, hassle- free car loan. Competitive rates, quick approval will drive your dream forward purpose: New Car / Van / Jeep / Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV). Purchase of e-Vehicle. Old Car / Van / Jeep / MUV / SUV which are not older than three years and unencumbered (i.e., not financed by other Bank/Financial Institutions on the date of loan). Reimbursement of cost of New Car / Van / Jeep / Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV) purchased by Individual / Corporate out of own funds (not more than 3 months old). Income criteria: Minimum net monthly salary / pension / income – ₹25,000/-. Income of Parent(s) / Spouse / Earning Children can be considered for determining loan amount / eligibility. However, out of the above only one co-borrower shall be permitted. No minimum monthly income is required in cases where borrower agrees to give 110% of liquid security in the shape of Term Deposit. In case of persons engaged in allied agricultural activities and agriculturists, net income can be arrived at by the sanctioning authority based on their land holding, cropping pattern, yield, etc. Quantum: For Individuals / Proprietorship Concerns: 25 times of Gross Monthly Salary / Pension / Income. For Business Concerns (Corporate or Non-Corporate): No ceiling of loan amount (for one or more vehicles). MARGIN: New vehicle: 10% of on-road price inclusive of one-time road tax & insurance. Old vehicles: 25% of the value of the vehicle. Reimbursement of cost of new cars: 25% on On-Road Price. Tenure: New Car / Van / Jeep / MUV / SUV ICE / Hybrid Category: 84 EMIs. New Car / Van / Jeep / MUV / SUV EV Category: 96 EMIs. Old Car / Van / Jeep / MUV / SUV: 60 EMIs. Repayment to be ensured within 70 years for salaried persons with pension eligibility and pensioners. For others, repayment to be ensured within 65 years of age. Rate of interest: Time to time Bank changes Rate of Interest ( ROI) for ROI please check the latest rate as given in the Website in loan ROI section Processing Fee: 0.295% of loan amount(Icluding GST) Minimum Rs590 and maximum Rs29500 Penal charges: In case of default: 2% p.a. In case of non-compliance of terms & conditions : 2% p.a. Documentation Charge: NIL Form 16 and ITR requirement: Guarantee: No guarantee required: Permanent employees of Central Govt. / State Govt. / PSBs / MNCs / Listed companies of BSE or NSE whose shares are actively traded OR Gross Monthly salary / pension / income is ₹50,000/- or above. In all other cases: Personal guarantee of one person (other than spouse) acceptable to the bank. Prepayment Charges: Floating Rate: No pre-payment charges. Fixed Rate: 2.00% of loan amount (in case of term loans, loan amount shall be outstanding amount) plus applicable GST, irrespective of the constitution/purpose/loan amount/facility type.