Maximum amount of loan

Maximum limit of Car Loan will be Rs 5.00 lakh for members at pay level up to five and Rs. 10.00 lakh for members at pay level six and above subject to the condition that loan amount will not exceed 80% of the show room price.

• Disbursement of the loan amount will be made direct in the name of the dealer.
• The car financed will have to be hypothecated to the bank. The borrower will also have to get the car insured and submit a copy of the policy to the bank.
• Recovery of the loan will be made in 84 months.
• Surety of two members and an undertaking from employer for deduction of the installment/interest from salary/superannuation benefits of the concerned employee.