| 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%*
2 wheeler - 14.00%* Two-wheeler loans (new) a discount of 1.00% in interest is offered for the borrowers who opt for insurance from insurance companies which have tie up with the Bank. |
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 - 10.00%* |
| Hypothication Loan (Private) | i)650 and above - 9.75%* ii)600 to 649- 10.00%* iii) (-1) - 9.75%* | |
| Organisational / Institutional Vehicle Loan | Up to Rs. 15 Lakhs -9.00%* Above Rs. 15 Lakhs - 9.50%* | Second Hand School Busses - 10.00%* |
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. |
| 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. |
| * Floating rate of interest |
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