Purpose

Personal/ Commercial loans for purchase of Cars/Two wheelers/Three wheelers / Commercial Vehicles

Eligibility

Salaried Employees /Businessmen/Professionals

Limit of loan

Depending upon repayment capacity OR cost of new vehicle ( valuation of old vehicle) less margin. 

Basis of Advance

1. upto 90% of cost of new vehicle.
2. 50% of the valuation of old vehicle ( Car )

Repayment Period

36 months for two wheelers & Maximum 60 months for new vehicles OR remaining life period of old vehicle.

Rate of Interest

CLICK HERE FOR THE RATES

Processing fees

Two wheeler Rs.250.00 + Service Tax
Four Wheeler Rs.350.00 + Service Tax
Used vehicle Rs.500.00 + Service Tax

Shareholding/ Membership Contribution

2.50% of loan amount for limits of Rs.1.00 lac and above.

Security

Hypothecation of vehicle purchased with Bank Finance.

Guarantors

As acceptable to the Bank. ( with good net worth)

Documentation

1. 1. Duly filled prescribed application form
2. 2. Photo Identity & Residence Proof of the Applicant &  Guarantor
3. Income proof a) or b) frombelow as applicable
    a) Salaried person : salary slips for last 3 months, ITR/Form 16 for last 3 years, Bank Statement for last 6 months
    b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.