Purpose:
Purchase of new or used vehicles, Private or commercial vehicles.
Loan Amount:
- 75% of cost of vehicle in case of new vehicles.
- 225% of cost of vehicle in case of used or old vehicles ( Age of Vehicle should be not more than 5 years).
Rate of interest / EMI
Card Rates applicable (p.a.), Interest will be applied monthly basis on outstanding amount. EMI Starts at RS.2175* per month
& it is up to RS. 3400* per month. Depending on your tenure
Period
- Maximum period for repayment is 60 months for new Vehicles.
- Maximum period for repayment is 36 months for a used or old vehicle.
Security
Bank will create the first charge on assets created out of a loan. "In Addition to the above Security.
Bank will ask for collateral security of 100% of Sanction Amount. (In case of four-wheeler)."
Guarantor :
Maximum One Guarantor will be required forTwo Wheeler Loan upto Rs.1.00 lakh. And Minimum Two Guarantors required in other vehicle loans
Documents:
- Applicant
- Guarantor
Photo, Photo ID, Residence proof, Income Proof such as Last 3 months Salary slip or Last Three years Balance Sheet and Tax Returns,
Quotation of a vehicle in case of new vehicle, Agreement to sale in case old vehicle, Etc.
Photo, Photo ID, Residence proof, Income Proof