Loan for purchase of
Cars / Two wheelers / Three wheelers / Commercial 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
- Up to 90% of cost of new vehicle
- 50% of 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: ₹250 + GST
- Four Wheeler: ₹350 + GST
- Used Vehicle: ₹500 + GST
Shareholding and 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 (either one of the following)
- Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years, Bank Statement for last 6 months
- 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.