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car-loan  VEHICLE LOAN

PURPOSE

  • Loan can be availed by individuals for personal use:
    • Purchase of New 4-Wheeler
    • Purchase of Old 4-Wheeler, not older than 3 years
    • Purchase of a New 2-Wheeler
  • Loan can also be availed by Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees.

ELIGIBILITY

  • Resident Indian citizen and Non-Resident Indians (NRIs).
  • Minimum age - 18 years and maximum age - 75 years.
  • Individual, either singly or jointly with family members.
  • Companies / Firms for purchase of vehicle for usage by their Directors/employees.

QUANTUM OF LOAN

  • Minimum – No ceiling
  • Maximum - as under:
    • New 4-wheeler - No ceiling
    • Old 4-wheelers (not older than 3 years) - Rs.20 Lakh
    • New 2-wheeler - Rs.10 Lakh

4. MARGIN, I.E. YOUR SHARE

 

Vehicle Type

Minimum Margin

Salaried

Other than salaried

Maintaining salary account with us

Not maintaining salary account with us

New 4-Wheeler

10%

10%

10%

New 2-Wheeler

20%

25%

25%

Old 4-Wheeler

40%

40%

40%

 

5. REPAYMENT

  • New 4 Wheeler - 84 months
  • New 2 Wheeler - 36 months
  • Old 4 Wheeler - 60 months

6. MORATORIUM

  • No moratorium permitted under the scheme.

 

 

7. RATE OF INTEREST

8. PREPAYMENT PENALTY

  • There is NO prepayment penalty if loan adjusted from own verifiable source.

9. SECURITY

  • Hypothecation of vehicle purchased out of Bank's finance
  • Bank's lien to be noted with the Road Transport authorities

10. GUARANTEE

  • No guarantee required for individual borrowers with CIBIL score of 700 and above.
  • Guarantee of a local resident Indian having means equivalent to loan amount, is to be provided by the NRI applicant.
  • In case of companies guarantee of the promoter/director is required.
  • In case of partnership firm, guarantee of all the partners is required.

*Conditions Apply*

*Contact our nearest Branch for more details*