| 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 - 9.25%
| Reducing balance - 11.50% EMI - 11.00%
| Reducing balance - 13.50% EMI -13.00%
|
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. |