Vehicle Loan

For Purchase of New/ Second - hand Four Wheeler and New Two Wheeler.

Purchase of Four Wheeler/ Two Wheeler Vehicle for Personal use

* "Conditions Apply. Loan at sole discretion of the Bank." SMS 'LOANS' to 70659 66665

Repayment Tenure :

New Four Wheeler - 60 months
Two Wheeler loan - 36 months
Second hand four Wheeler - 36 months

Margin :

1 - 10% of on Road cost for new car
2 - 50% of value for second hand car.

Maximum Loan Amount Limit : Not Applicable

Eligibility :

Salaried Persons:- With minimum 1 years of past permanent/confirmed service.
Non-Salaried Persons:- Self employed person with profit earning for at least past 2 years.
Security : Hypothecation of Vehicle to be purchased along with all accessories
Guarantors :One competent guarantor acceptable to Bank

Subscription to Bank's Share - Membership : 1% of Loan Amount

Processing fee :

New four wheeler for personal use – Nil
Second hand Four Wheeler - 2% of Loan amount
New Two Wheeler - 1% of Loan Amount

MINIMUM DOCUMENTATION
KYC Documents
Financial Documents
Proforma Invoice
Any other documents required by the Bank

“In adherence with RBI Notification no. DoR.MCS.REC.28/01.01.001/2023-24 dated 18/08/2023, Penal charges for delay in payment of interest/ instalment , non-compliance or delay in compliance of critical terms of sanction and takeover of loan by other bank/ NBFC would attract penal charges @ 3.25% on the sanction amount in case of Working Capital limit and on the outstanding amount in case of term loan limit.”

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