VEHICLE LOAN

VEHICLE LOAN FOR NEW CAR

RATE OF INTEREST FOR COMMERCIAL VEHICLE : 11.50% p.a.
RATE OF INTEREST FOR NON COMMERCIAL VEHICLE : 8.50% p.a.
RATE OF INTEREST FOR TWO WHEELER : 10% p.a.
FEATURES
  1. For purchase of new scooter, motorcycle, car, commercial vehicle etc. against hypothecation of vehicle and personal surety of members.
  2. Loan amount is 75% of cost of vehicle (Ex-showroom price)
    (Board can extend limit amount to 85% considering merits of the case).
  3. Loan to be repaid in 60 installments. EMI should not be more than 50% of monthly Income of borrower.
  4. Margin money to be deposited by the borrower.
DOCUMENTS REQUIRED
  1. General Insurance Policy covering comprehensive risks in joint names of Banks and borrower.

2. Copies of supplier’s bill with stamped money receipt.

3. Letter from borrower acknowledging receipt of the vehicle in perfect running order.

4. Income Proof, ITRs. Proof of residence, photograph of borrower/sureties, Proforma Invoice of Vehicle and photograph of vehicle with borrower.

VEHICLE LOAN FOR OLD CAR

1) UPTO ONE YEAR OLD [ANY VEHICLE]

a) Finance upto 70% of the accepted value of the Car.

b) Repayment will be within 50 instalments.

c) Rate of Interest will be 10.50% p.a.

2) ABOVE ONE YEAR UPTO 4 YEAR OLD [PETROL CAR]

a) Finance upto 60% of the accepted value of the Car.

b) Repayment will be within 36 instalments.

c) Rate of Interest will be 11.00 % p.a.

3) ABOVE ONE YEAR UPTO 3 YEAR OLD [DIESEL CAR]

a) Finance upto 60% of the accepted value of the Car.

b) Repayment will be within 36 instalments.

c) Rate of Interest will be 11.00 % p.a.

ACCEPTED VALUE OF THE CAR 

Value of the Car assessed by the Valuer approved by the Bank or the Original Invoice value of the car depreciated @ 15% p.a. on annual written down value of the car, whichever is lower. Part of the month will be considered as a full month for the computation of the depreciated value of the Car.

NOTE: RATE OF INTEREST GIVEN ABOVE ARE SUBJECT TO CHANGE