PURPOSE - Loan can be availed by individuals for personal use:
- Purchase of New 4-Wheeler
- Purchase of Old 4-Wheeler, not older than 3 years
- Purchase of a New 2-Wheeler
- Loan can also be availed by Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees.
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VEHICLE LOAN ELIGIBILITY - Resident Indian citizen and Non-Resident Indians (NRIs).
- Minimum age - 18 years and maximum age - 75 years.
- Individual, either singly or jointly with family members.
- Companies / Firms for purchase of vehicle for usage by their Directors/employees.
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QUANTUM OF LOAN - Minimum – No ceiling
- Maximum - as under:
- New 4-wheeler - No ceiling
- Old 4-wheelers (not older than 3 years) - Rs.20 Lakh
- New 2-wheeler - Rs.10 Lakh
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VEHICLE LOAN MARGIN, I.E. YOUR SHARE Vehicle Type | Minimum Margin | Salaried | Other than salaried | Maintaining salary account with us | Not maintaining salary account with us | New 4-Wheeler | 10% | 10% | 10% | New 2-Wheeler | 20% | 25% | 25% | Old 4-Wheeler | 40% | 40% | 40% |
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REPAYMENT - New 4 Wheeler - 84 months
- New 2 Wheeler - 36 months
- Old 4 Wheeler - 60 months
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MORATORIUM - No moratorium permitted under the scheme.
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VEHICLE LOAN RATE OF INTEREST - Please click here to know our latest interest rates
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PREPAYMENT PENALTY - There is NO prepayment penalty if loan adjusted from own verifiable source.
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SECURITY - Hypothecation of vehicle purchased out of Bank's finance
- Bank's lien to be noted with the Road Transport authorities
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GUARANTEE - No guarantee required for individual borrowers with CIBIL score of 700 and above.
- Guarantee of a local resident Indian having means equivalent to loan amount, is to be provided by the NRI applicant.
- In case of companies guarantee of the promoter/director is required.
- In case of partnership firm, guarantee of all the partners is required.
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VEHICLE LOAN EMI CALCULATOR - Please Click here for EMI Calculator
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