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Vehicle Loans

  1. Eligibility Criteria:

    • An individual who is an income tax assessee,salaried employee etc.
    • Agriculturists owning agricultural properties.
    • A company / firm/ trust/ association/societies  availing the loan in its name or in the name of its executive / managing director /  managing partner/managing trustee/president/secretory.
    • Age limit of the applicant not more than 55 years old.         
    • Maximun individual limit of the loan is Rs 40,00,000/-.
  2. Purpose:

    • Purchase of new vehicle / second hand vehicle not older than 3 years from the date of its registration.
  3. Amount of Loan:

    • Up to 75% of  ex-showroom price + Road tax + Insurance  of the new vehicle.
    • Up to 60%  in the case of second hand/used vehicle.
  4. Period of loan:

    • Maximum up to 60 months/5 years.
  5. Security:

    • Hypothecation of vehicle to be purchased.
  6. Rate of Interest:

    • The rate of interest on these loans shall be charged at the rate fixed by our Bank from time to time or rate  applicable at the time of disbursement of loan and interest will be debited to the a/c every month.
  7. Documents/Fomalities:

    • Loan Application with passport size photographs - 2 copies each
    • ID proof,Income proof of the applicant and 2 guarantors.
    • Quotation of the vehicle,driving licence.
    • In case of second hand vehicle loan,
    • Latest valuation report of  vehicle from the licensed motor vehicle valuer.Agreement between seller of vehicle and purchaser of vehicle(Loan applicant)Attested copy of Registration  certificate of vehicle ,insurance certificate,permit copy,B extract etc