Vehicle Loan


PRIVATE VEHICLE
COMMERCIAL VEHICLE
SECOND HAND VEHICLE
Eligibility

Any person with assured monthly Income acceptable to the Bank.

Any person with assured monthly Income acceptable to the Bank.

Any person with assured monthly Income acceptable to the Bank.

Purpose 
Purchase of new vehicle
Purchase of new vehicle

Purchase of used vehicle below 5 years

Rate of interest

Reducing balance

-10.50%

EMI   

2 wheeler - 11.00%


Reducing balance

- 11.50%

EMI           

Upto 25 lakhs - 11.00%

Above 25 lakhs - 10.50%

Above 1 crore - 10.00%

Reducing balance

- 13.50%

EMI       

LMV Private Vehicle upto 10 lakhs - 11.50%

LMV Private Vehicle above 10 lakhs - 13.00%

LMV Commercial Vehicle upto 10 lakhs - 12.00%

LMV Commercial Vehicle above 10 lakhs - 13.00%

Other vehicles - 13.00%

Hypothecation loans on machinery(New) - 12.00%

Repayment Tenure
7 years
5 years

Depending upon the model of the vehicle

Surety
Minimum one guarantor with sufficient net worth

Minimum one guarantor with sufficient net worth

Minimum one guarantor with sufficient net worth

Security
New vehicle and additional security insisted by the Bank

New vehicle and additional security insisted by the Bank

Used vehicle plus additional security
Margin
Maximum 85% of the Invoice value.

Maximum 85% of the Invoice value .

In case of heavy commercial vehicles, an additional of 50% of the invoice will be advanced for Body building subject to providing additional security.

For Used Three, four wheelers and above.

(maximum 5 years old) valuation to be done by panel of surveyors and advance from 50% to 70% of the valuation, based on the model of the vehicle.

Other Terms
Membership is necessary for the borrower and sureties to avail this loan.

Membership is necessary for the borrower and sureties to avail this loan.

Membership is necessary for the borrower and sureties to avail this loan.

** Institutional\Organisational Vehicles Loan EMI - 9.50%


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