Vehicle Loans

Eligibility Criteria :

  • Any salaried persons / Professionals -  Self Employed / Businessman.
  • Only for the purpose of purchase of New Vehicle for personal usage.                               
  • Loan amount will depend upon the repaying capacity of the applicant and the  worth of the personal guarantees offered. For application under “Quick Disposal  Scheme”.
  • For application under “Quick Disposal  Scheme” :
    Maximum Loan Amount for Two Wheelers Vehicle  Rs.   50000/-
    Maximum Loan Amount for Four Wheelers Vehicle  Rs. 500000/-
  • Personal Guarantee having income / asset expectable to the Bank :
    For Two Wheelers Loan - At least One Person.  
    For Four Wheelers Loan - At least Two Persons.

Primary Security : Hypothecation of Vehicle.

Rate of Interest : 11.00%

Processing Charges : At the prevailing rates of the Bank from time to time.

Pre-payment Charges : Nil.

Share Money Contribution : 2.5 % of the Loan Sanctioned.

Tenure For Repayment :

  • For Two Wheelers Loan  : Maximum up-to 24 months.
  • For Four Wheelers Loan  : Maximum up-to 48 months.

How to apply :

  • An application in Bank’s Prescribed Form duly filled up having been affixed with the Photographs of  the applicant/s and guarantors along with their signatures to be supported by the papers / documents detailed as under.

For the Applicant/s.

  • Income Proof.
  • Copy of I.T. Pan card.
  • Copy of  Driving license (In Force).
  • Residential Address Proof.
  • Proof  of  Residential Property owned by the applicant / member of the family.
  • Bank A/c Statement for the last six months.
  • Statement of A/c for Loan / Advance facility availed from other Bank / F.I.

For the Guarantor/s.

  • Photo I.D.
  • Income Proof.
  • Residential Address Proof.
  • Proof  of Residential  Property owned in their name.

Note : To offer an additional Personal guarantee of the member of the family of the applicant, who owns the residential property.

Other supportive papers/documents/proofs to be produced, if further needed  and asked by the Bank.