Vehicle Loan
VEHICLE LOAN IS CONSIDERED FOR PURCHASE OF
- Two Wheeler - 10.50%
- Four Wheeler - For own use / Four Wheeler Electric - 8.50 % *
- Four Wheeler - For commercial use - 10%
- Three Wheeler / Five Wheeler / Tempo - 10%
- Commercial Vehicles : Truck, JCB etc - 10%
ELIGIBILITY
- The applicant must have assured monthly income to repay the EMI
- Last three years income proof to be submitteds
- In case of Taxi / Autorickshaw / Heavy / Commercial Vehicles permit from RTO
EXTENT OF LOAN
- Maximum loan amount allowed for New Car is 100% of vehicle cost (on Ex. Showroom cost) without cost of fire insurance, accessories and one time RTO charges
- Finance for purchase of old cars (upto 3 years old) allowed at 25% margin against the agreement cost or insured declared value whcihever is less.
SECURITY
- Hypothecation of vehicle bank's charge on vehicle to be registered with RTO
- Comprehensive insurance with bank clause
- Personal guarantee of two members acceptable to bank ( In case of two wheelers on guarantor is allowed )
CHARGES
- Processing charges of 1 % of loan applied to be paid upfront
- Insurance and other document charges
- Membership charges of 2.50% on loan amount in case of four wheeler and nominal membership upto Rs. 1 Lac in case of Two Wheeler Loan
