Vehicle Loans

LOAN FOR PURCHASE OF CARS/TWO WHEELERS/THREE WHEELERS/COMM. VEHICLES

Purpose	Personal/ Commercial loans for purchase of Cars/Two wheelers/Three wheelers / Commercial Vehicles
Eligibility	Salaried Employees /Businessmen/Professionals
Limit of loan	Depending upon repayment capacity OR cost of new vehicle ( valuation of old vehicle) less margin.
Basis of Advance	1. upto 90% of cost of new vehicle. 2. 50% of the valuation of old vehicle ( Car )
Repayment Period	36 months for two wheelers & Maximum 60 months for new vehicles OR remaining life period of old vehicle.
Rate of Interest	CLICK HERE FOR THE RATES
Processing fees	Two wheeler Rs.250.00 + GST Four Wheeler Rs.350.00 + GST Used vehicle Rs.500.00 + GST
Shareholding/ Membership Contribution	2.50% of loan amount for limits of Rs.1.00 lac and above.
Security	Hypothecation of vehicle purchased with Bank Finance.
Guarantors	As acceptable to the Bank. ( with good net worth)
Documentation	1. 1. Duly filled prescribed application form 2. 2. Photo Identity & Residence Proof of the Applicant & Guarantor 3. Income proof a) or b) frombelow as applicable a) Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years, Bank Statement for last 6 months b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
Conditions apply