Vehicle Loan to Government Employee
Enhancing your dreams. Now government employees have access to easy loans on attractive terms to buy their own four/two-wheeler. This is an opportunity for them to make the life of their loved ones more comfortable.
General condition for guarantor applicable to all the eligible employee
|Sl. No||Eligible Borrower||Guarantor requirement|
|1||Regular employees||1. e-PEMS A guarantor is not required. |
2. Non-e-PEMS (EMI remitted from the office) A guarantor is not required if the applicant is in service for more than 3 years including the probation period.A guarantor is required if the applicant is less than 3 years in service. The guarantor should be equal or higher grade from the same office/Ministry. For senior officials and executive officials who cannot provide guarantors of the same grade from the same organization/ministry shall provide guarantors of one or two grades lower from the same organization/ministry.
|2||Contract employees||All the borrowers are required to provide TPG of the same or higher grade from the same agency or equivalent position from the Civil Service/DHI owned Companies/SOEs. For senior officials and executive officials who cannot provide guarantors of the same grade from the same organization/ministry shall provide guarantors of one or two grades lower from the same organization/ministry.|
|3||Private employee||All the borrowers are required to provide an employer guarantee or TPG from a civil service/DHI-owned Companies/SOEs. However, the private company should be in operation for more than 5 years.|
Maximum of 30% of the cost of the vehicle for an ordinary vehicle, and
Maximum of 70% for electric/hybrid vehicles.
Floating/Prevailing interest rate.
Maximum of 5 years for ordinary vehicle, and
Maximum of 7 years for electric/hybrid vehicles