Cent EV 2W for Females

Purpose

Purchase of New Electric (2W) for Personal use only (i.e. not for hiring/ ferrying passengers)

Facility

Term Loan

Eligibility

• Girl students as Primary borrower as under:

• Above 18 years age and up to 28 years
• Poof of studies/ coaching institute of the Girl student to be obtained and held on record.

• All Earning Females as Primary borrower as under:

• Permanent salaried employees of Central/ State government/ Local self-government/ Defence staff/ employees of PSU/ Large Corporates / reputed establishments.
• Self-Employed Persons/ Independent Entrepreneurs who have regular source of income.
• Farmers irrespective of land holding engaged in production oriented agricultural activities and in other allied activities. In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/ Mandal Revenue Officer/ Revenue Department Officer having State Level Gazetted rank can be accepted for sanction of green vehicle loan up to Rs. 2.50 lakh.

• Electric Vehicle (2W) to be purchased should be in the name of Primary Borrower (Girl Student/ Earning Female).
• It should be ensured that the Primary Borrower should hold a Driving license or Learner’s license for 2-Wheeler at the time of sanction of loan.

Co-borrower

Compulsory in all cases

For Girl Students:

1. Earning Parent/Earning Spouse
2. Maximum age upto 55 years for salaried and 60 Years for other individuals.

For Earning Females:

1. Blood relatives like Mother, Father, Spouse, Brother, Sisters, Son, Daughter can be accepted as co-borrower who has regular source of income i.e. income of the co-borrower may be clubbed to calculate eligible loan amount.

2. Friends and distant relatives like Uncle, Aunts Nephew and Niece etc. are not eligible to join as co-borrower.

Maximum no. of Applicants are restricted to two (2)

Income Criteria

Minimum Income Criteria of borrower / co-borrower (Gross Annual Income)

Guarantor

Not Required

Max. Loan

Rs. 2.50 Lakh

Margin

Minimum 10%

Repayment Period

Maximum 72 Months.

However, it should be ensured that in case of salaried employees, the entire loan is fully repaid on or before their date of retirement.

Rate of Interest

RBLR (Repo Rate+ Spread)+ CRP (Based on CIC score) ranging from 9.95% to 10.50%

Processing Fees

0.50% of loan amount; subject to Minimum Rs.500/- & Maximum Rs.2000/- 

Documentation Charges

NIL

Others

E-vehicles exempted from registration requirements are not eligible for financing under the scheme.

Min. CIC Score