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car-loan  VEHICLE LOAN

Features

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.
  • Takeover of four-wheeler loan from other Bank/FI for existing Corporate / Retail Borrower.**
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 viz. father, mother, son, spouse or daughter (unmarried) as co-applicants.
  • 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
MARGIN, I.E. YOUR SHARE
  • 15% of on-road price of new 4 wheeler
  • 25% of on road price of 2 wheeler
  • 40% of valuation cost of old 4 wheeler

Note: 5% concession in margin (for purchase of new vehicle only) applicable for salaried individuals having salary account with us.

REPAYMENT
  • New 4 Wheeler - 84 months
  • New 2 Wheeler - 36 months
  • Old 4 Wheeler - 60 months
MORATORIUM
  • No moratorium permitted under the scheme.
RATE OF INTEREST
PREPAYMENT PENALTY
  • There is NO prepayment penalty if loan adjusted from own verifiable source.
SECURITY
  • Hypothecation of vehicle purchased out of Bank's finance
  • Bank's lien to be noted with the Road Transport authorities
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 further details**

Forms & Documents

FAQs

Online Loan Application


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