|
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
|
i)650 and above - 9.00%
ii)600 to 649- 9.50%
iii) (-1) - 9.00%
EMI
2 wheeler - 13.00%
|
a) New
i)700 and above - 9.75%
ii)600 to 699- 11.00%
iii) (-1) - 10.50%
b)Used
i)Commercial Vehicle upto Rs. 10 Lakh - 12.00%
ii) Commercial Vehicle above Rs. 10 Lakh - 12.50%
iii) Boat Repair / Vehicle Repair - 11.00%
|
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
|
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. |
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