Vehicle Loan (Private)




 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%*

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.
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.
  * Floating rate of interest  


Terms & Condition: A discount of 0.50% in interest is offered for the borrowers who opt for insurance from insurance companies which have tie up with the Bank. In case of 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.