Vehicle loans
Term Loans for both individuals members and / or commercial entities, against hypothecation of the vehicle.
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Minimum Margin – New Vehicle |
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| Repayment Period |
Personal Vehicle: Max. 84 equal monthly instalments (EMIs) Commercial Vehicle: Max. 84 equal monthly instalments (EMIs) |
| Interest Rate | Please refer ‘Interest Rates’ on this site. |
1. Personal Vehicle Loan:
The bank can grant loan for purchase of new vehicle Car/ Two wheeler up to 90% Ex-showroom value of the vehicle. Further vehicle loan for second hand car can also be given provide vehicle should not old more than 5 year old. A lien marked in favor of bank from the concerned Transport Authority must obtain in case of vehicle loan. The borrower get insurance of vehicle at his/her own cost and need to submit copy of Insurance with bank every year.
2. Commercial Vehicle The bank can grant loan for purchase of commercial vehicle. The bank also grant loan for new commercial vehicle up to 80% of Ex-showroom price. The maximum amount of loan grant for second hand commercial vehicle will 75% of value in case of vehicle not more than 5 years old.. The maximum limit of loan will be 50 lakh. The physical verification of the vehicle shall be ensured at the time of purchase and all relevant documents for pledging the vehicles need to be completed before disbursement of loan. The DD/RTGS shall be issue in favor of showroom in case of vehicle loans. In case of commercial vehicle loan to NGO/NPO/Educational institution the normal rate of interest will be charge on amount of loan.
