Vehicle Loans

Vehicle Loans w.e.f. 16.11.2011

Eligibility:

  1. Salaried individual in permanent employment.
  2. Professional and self employed person, businessman.

Margin:

25% of quotation price from dealer (For New vehicle)

50% for Second Hand Vehicle – (Not more than 5 years)

 Rate of Interest:

  1. Car Loan

    • Upto Rs. 5 lakhs – (Maximum 5 years): 12.50%
    • Above Rs. 5 lakhs – (Maximum 5 years): 13.00%
  2. Second Hand Vehicle

    • Model Not More Than 5 Years: 15.00%
  3. Two Wheelers (Maximum 5 Years): 13.00%

Repayment Period:

New Vehicle – 5 years to 7 years

Second Hand Vehicle – 5 years

No Pre-payment charges

Security:

Hypothecation of vehicle purchased.

Two Guarantors

 Documents Required:

  1. Proof of Residence and photographs.
  2. Salary Certificate of Applicant and sureties with photographs.
  3. Latest Audited Statement of Account/Income Tax Return
  4. Valuation Report from Bank’s Approved Valuer (for second hand vehicle).
  5. Quotation from Dealer.
  6. Bank’s charge to be registered with R.T.O.
  7. Blank Forms No. 29, 30, 35 in duplicate issued by R. T. O.

Please contact our nearest Branch for detail information and requirement.