|
NEW VEHICLE |
USED VEHICLE |
| Eligibility |
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 used vehicle below 5 years |
|
Rate of interest
|
i)650 and above - 9.50%
ii)600 to 649- 10.00%
iii) (-1) - 9.50%
EMI
2 wheeler - 14.00%
|
For used vehicles below 5 years LMV Private Vehicle
i) Vehicle model within 2 years- 11.00%
ii) Vehicle older than 2 years less than 5 years - 12.50%
Second hand School Buses - 9.50%
|
|
Repayment Tenure
|
Upto 7 years |
Depending upon the model of the vehicle |
| Surety |
Minimum one guarantor with sufficient net worth |
Minimum one guarantor with sufficient net worth |
| Security |
New vehicle and additional security insisted by the Bank |
Used vehicle plus additional security |
| Margin |
For Two Wheeler:- At least 25% of the Quotation Value
For Four Wheeler:- At least 15% of the Quotation Value
|
For Used Three, four wheelers and above.
Age upto 3 years:-30% of Valuation
Age above 3 years up to 5 years:- 50% of Valuation
|
| 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. |
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