Loan for purchase of cars / two wheelers / three wheelers / comm Vehicles
Loan Details
Easy vehicle loans for personal and commercial mobility needs.
Purpose
Personal/ Commercial loans for purchase of Cars/Two wheelers/Three wheelers / Commercial Vehicles
Eligibility
Salaried Employees / Businessmen / Professionals
Limit of Loan
Depending upon repayment capacity OR cost of new vehicle ( valuation of old vehicle) less margin.
Basis of Advance
1. upto 90% of cost of new vehicle.
2. 50% of the valuation of old vehicle ( Car )
Repayment Period
36 months for two wheelers & Maximum 60 months for new vehicles OR remaining life period of old vehicle.
Rate of Interest
Processing fees
Two wheeler Rs.250.00 + GST
Four Wheeler Rs.350.00 + GST
Used vehicle Rs.500.00 + GST
Shareholding/ Membership Contribution
2.50% of loan amount for limits of Rs.1.00 lac and above.
Security
Hypothecation of vehicle purchased with Bank Finance.
Guarantors
As acceptable to the Bank. ( with good net worth)
Documentation
- Duly filled prescribed application form
- Photo Identity & Residence Proof of the Applicant & Guarantor
- Income proof a) or b) from below as applicable
- a) Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years, Bank Statement for last 6 months
- b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
- * Conditions Apply - Please visit our branch for complete terms and conditions