Loan amount | Maximum up to Rs. 50 Lakhs |
Margin | 15% to 25% |
Maximum Repayment Tenor | 60 Months - EMI |
Primary Security | Hypothecation of Vehicle purchased out of bank finance. |
Collateral Security | Optional (NSC / KVP / LIC Policies, Bank Deposits, Land & Building etc.,). |
Guarantee | Optional. A suitable Guarantor with sufficient net worth, acceptable to the Bank (preferably spouse or family members or friends). |
Insurance Coverage for the Borrower | Available to the extent of the Loan amount with BAGIC payable by the Borrower. (As per choice of the Borrower). |
Processing Charges |
Vehicle value up to Rs. 2 Lakhs | 1% of loan amount subject to a minimum of Rs. 1,000/- |
Vehicle value above Rs. 2 Lakhs up to Rs. 10 Lakhs | Rs. 3,000/- |
Vehicle value above Rs. 10 Lakhs | Rs. 7,500/- |
Other Terms & Conditions | The Net Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay. Payment directly to the seller by way of DD / NEFT / RTGS / Account Credit etc.,
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