|Purpose||For acquiring Own Vehicle (Four wheeler) – New or Old – *for personal / Partners / Director’s / Trustee’s use, & not for any Commercial use.
[Undertaking to be furnished]
|Eligibility||Individual/s, Salaried employees, Businessmen, Self-employed, Professionals having regular source of income.
*Firm (Proprietary/Partnership), Pvt. / Public Ltd. Co. / Reg. Trust.
|Maximum Loan Amount||Minimum Rs.1,00,000/-
New Vehicles: 100% on Basic Invoice Cost of Vehicles (excluding RTO, registration, tax & insurance)
Pre-owned Vehicles (not older than 3 years):
80% of valuation or Agreement value whichever is less.
NIL (RTO, Registration, Tax & Insurance to be borne by Applicant)
@ 20% of valuation or Agreement value whichever is less.
|Repayment Period||New Vehicles: Maximum 5 years.
In case of Loan amount above Rs.10.00 lakhs: 6 Years.
Pre-owned Vehicles: Maximum 3years.
|Rate of Interest||Four Wheeler 9.9% For Two Wheeler 13.10%|
|Security||Hypothecation of the Vehicle financed.|
|Guarantators||One Guarantor having sufficient means & income acceptable to Bank.|
|Processing Charge||@ 0.40% of limit sanctioned|
|Subscription of Bank's Share||@ 2.50% of limit sanctioned|
|Pre-payment Charges||NO PREPAYMENT CHARGES|
Terms & Conditions Apply.
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