Naini E-Vehicle Scheme

Purpose

Finance for purchase of new Electric Passenger Four-Wheeler Vehicles for private use manufactured by TATA, Mahindra, MG and Maruti Suzuki.

Hybrid vehicles, Battery-as-a-Service (BaaS) models and ICE vehicles are not covered under the scheme.

Eligibility

• Salaried Employees, Pensioners, Staff & Ex-Staff Members
• Businessmen, Professionals, Farmers
• Proprietorship Firms, Partnership Firms, LLPs
• Trusts/ Societies, Private & Public Limited Companies having profitable operations during the last two financial years.

Age

Minimum Age

• Applicant: 21 Years


• Co-applicant: 18 Years

Maximum Age

• Age of Applicant/ Co-applicant/ Guarantor plus repayment period should not exceed 70 years.

Maximum Loan Amount

Up to ₹50.00 Lakh

Margin

• Minimum 10% of the On-road Price.

Repayment Period

• Up to 60 Months

Features

• Attractive rate of interest linked with CIBIL score.
• Finance available up to ₹50 lakh for eligible electric passenger vehicles.
• No collateral security for loan amount up to ₹25 lakh.
• Special concession of 0.25% in rate of interest for borrowers having an existing housing loan with the Bank.
• Special concession of 0.25% in rate of interest against eligible CRM securities (subject to scheme terms).
• Additional concession of 0.05% on applicable interest rate for borrowers covered under the Bank’s Group Credit Life Insurance Cover.
• No personal guarantee for eligible Permanent PSU/ Government Employees having minimum two years of service, Staff and Ex-Staff members.
• Floating and Fixed Rate of Interest options available.

Processing & Documentation Charges

As per banks' Service Charges Booklet

Naini e-vehicle scheme: Floating Rate of Interest

Naini e-vehicle scheme: Fixed Rate of Interest