1. Purpose

For purchase of New & Old Four Wheeler Vehicles and New Two Wheeler Vehicles

2. Eligibility

Individuals as well as business concerns (Corporate or non-corporate).

3. Age limit

Minimum :18 years

Maximum: Subject to adjustment of loan for Individuals / Prop. before the age of:

Service class non pension   – 60 years

Service class with pension  –  70 years

Others                               ­­­­     –  70 years

In case any younger Co-borrower (spouse / major children / brother/ daughter-in-law) is proposed having 50% or more contribution towards IIR (Installment to income ratio), the eligibility criterion w.r.t. age of the younger Co-borrower may be considered.

4. Quantum of loan:

New Vehicle – Need Based

Old Vehicle – 75.00 Lac

5. Margin

1. For New Vehicle- Applicable margin of on-road price inclusive of one time Road Tax, Registration & Insurance, shall be as under:

1. All customers- 10%
2.  Govt/PSU employee- 5%
3.  Govt/PSU employee where salary A/c with our Bank- NIL

2. For old four wheeler  - 25%

6. Rate of Interest

Please click here For rate of interest

7. Processing fee

Four Wheeler Loan: 0.25% on the loan amount, subject to minimum of Rs.1000.00 and maximum of Rs.15000.00

Two wheeler Loan: 0.25% on the loan amount, subject to minimum of Rs.1000.00.

8. Repayment

For new four wheeler vehicles: Max. 84 months.

For new two wheeler vehicles:  Max. 36 months.

For old four wheeler:  Max. 60 months subject to the age of the vehicle (total period of Repayment plus age of vehicle not to exceed 84 months)*

9. Security

Hypothecation of vehicle.

10.Documentation

    Charges

Actual Stamp/ Revenue expenses only.

11.Prepayment Charges

No foreclosure charges/pre-payment penalties for individual borrowers (including sole proprietorships). In case of loan takeover of corporate borrowers, prepayment charge @ 1% on outstanding balance.

12. Inspection Charges: