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Available for purchase of New Car/ Van/ Jeep/ Multi Utility
Vehicle (MUV)/ Sports Utility Vehicle (SUV) or for old
vehicles that are not older than 3 years.
Finance will be provided for purchase of vehicle of indigenous/
foreign makes
| Eligibility |
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For Private use
Individuals as well as Business Concerns (Corporate or
non-corporate).
| Amount of Loan |
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For Individuals / Proprietorship
Concerns: 25 times of the monthly net salary
OR Rs.25 lacs (for one or more vehicles), whichever is
lower. Income of parent(s) / spouse can be taken into
account for determining loan amount. In such cases, the
parent(s)/ spouse shall stand as additional guarantor.
For Business Concerns (Corporate or non-corporate):
No ceiling on loan amount (for one or more vehicles).
| Margin |
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For New Vehicles: 20%
For Old Vehicles: 30%
| Security |
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The vehicle purchased with the amount
of loan is to be hypothecated to the Bank. It will be
registered in the name of the borrower jointly with the
Bank.
| Guarantee / Collateral Security |
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• Guarantee of spouse, if employed/ earning or third
party guarantee, OR
• Collateral Security in the shape of either Immovable
Property or Liquid Security equivalent to 100% of loan amount.
• Additional guarantee of parent(s)/ spouse to be
taken incase their income has been taken account for determining
loan amount.
| Rate of Interest |
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Click
Here to view rate of interest
| Repayment |
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For New Vehicle: The
loan amount together with interest is to be repaid maximum
in 84 Equated Monthly Installments (EMIs).
For Old Vehicle: The loan amount together
with interest is to be repaid maximum in 60 Equated Monthly
Instalments (EMIs)
| Upfront Fee & Documentation Charges |
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@ 1% of the loan
amount, with a maximum of Rs.6,000/- (exclusive of service
tax & education cess)
| Disbursement |
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The intending borrower will be required
to settle the transaction for purchase of vehicle needed
by him/her with the seller and will be required to deposit
the difference of the cost of the vehicle to amount of
loan, and thereafter, the advance will be allowed to him/her
from the bank by paying the entire price of the vehicle
to the seller directly on behalf of the borrower.
Apply
Online Application : Click
Here |
