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

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

• Please click here to know our latest interest rates

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.