The car loan is made available to all employees for both public and private sector for whom contributions have been made to the National Savings Fund.
Scheme 1: New and Reconditioned Cars
Maximum amount of loan:
– Duty Free: 100% of car value
– Duty Paid: 80% of car value
1. New cars: Up to a maximum of Rs 1.5M*
2. Reconditioned cars (less than 4 years): Up to a maximum of Rs 1M*
3. Repayment Period: 6 years.
4. Guarantee: Lien on car.
Scheme 2: All Type of Cars
1. Loan Amount: Up to a maximum of Rs 300,000.
2. Repayment period: 5 years.
3. Guarantee: 1 Guarantor in sustainable post.
4. Age of car must not exceed 10 years.