Open NRI Account with Indian Overseas Bank

Purpose	For Purchase of New/old car (Used car Should not be more than 5 years old) For Purchase of New Two-Wheeler New Electric 2/4-Wheeler (Old Electric Vehicle Not Allowed) Electric 2-Wheeler financed if the vehicle is from reputed manufacturer who are manufacturing Petrol/Diesel Vehicle at Present
Co-Applicants	Spouse, Son, Daughter, Father, Mother (Income of Father & Mother Can be added to arrive at the loan repayment capacity)
Quantum	New car/New Electric car: 90% of the cost of the vehicle, Old cars: 75% of the market value of the vehicle without any ceiling. 2 wheelers: 90% of the cost of the vehicle. (On road price: Includes ex showroom price, Road taxes, insurance only. The cost of accessories extended warranty & any other maintenance charges are not the part of the On Road- Price)
Security	Hypothecation of vehicles. (For NRIs, a suitable guarantee from Resident Indian, acceptable to the Bank. Vehicle loan again deposit is launched, 100 % finance against deposit, no Margin)
Margin	New car: 10%: Old car: 25% Two wheeler : 10%
Repayment Period	Max. 84 emi for new car & for old car maxi. (60 months. Age of car should not go beyond 8 years at the time of closure). Two wheelers: 72 months
Holiday Period	Nil

TAKE HOME PAY NORMS

At Branch Level	If REAP Rating is IOB1 to IOB5
At RLCC Level	If Rating is IOB1 to IOB5

Deviation will be approved by HLCC (GM) for application with Rating up to IOB6

Priority Status	Advances granted to medical practitioners for an Amount up to Rs.10 lacs. Others: No
Special Concession Based CIC Report	If Either of Credit Vision/Personal/Other Credit Score is in the Following Approved Range CIBIL Score 750 > =799 Concession 0.25% CIBIL Score => 800 Concession 0.50% (Subject to Not Below RLLR)
Processing Charge	0.50% of Loan Amount or Maximum Rs. 5000/- plus Applicable GST(Documentation Charge Included )
CIBIL Charges	Individuals- 100 Plus GST Commercial- 750 Plus GST

Obtain ITR/Salary Slips to eligibility arrive loan For Salaried Class: Must be in confirmed service. Loan Eligibility Based on: Minimum two years’ ITR to calculate loan eligibility and THP norms.

Last Three Month’s Salary Slips. Gross Average Monthly income to be arrived based on last three month’s average salary and deduction will be taken as per latest month’s salary slip.

For Self Employed/ Businessman/ Professionals/ Firms/Companies/trust etc.: Income to be taken as

Average of Last two years ITRs
ITRs should be filed without any break and year on year basis. ITRs should be duly acknowledged.
Deduction related to VCPF to be exempted while calculating loan eligibility.
Assessment to grant Vehicle Loans in the name of firms and companies Vehicle loan to Firms and companies under vehicle Loan scheme will be assessed on Income shown at last Two Year’s ITRs of firms and companies as being done for Individuals.
Income to be taken as Average of Last two years ITRs.
ITRs should be filed without any break and year on year basis. ITRs should be duly acknowledged. The income of the firms and companies should be steady, and the entities should be in cash profit for the last two years. THP norms to be assessed as in the case of Individuals. Income for the purpose of THP norms, shall mean cash profit (net profit+ depreciation) for the firms and companies. For any deviation in this regard, RLCC will be empowered to sanction the loan subject to Retail Rating (REAP) is IOB1 to IOB5. For IOB6, HLCC(GM) is empowered to sanction the loan.
Maximum 5 vehicles can be sanctioned by Branch/RLCC. Any deviation in this regard i.e., more than 5 vehicles, HLCC(GM) is empowered to sanction the loan.

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VEHICLE LOAN

TAKE HOME PAY NORMS

Deviation will be approved by HLCC (GM) for application with Rating up to IOB6

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