Purpose:
Purchase of new or used vehicles, private or commercial vehicles.
75% of cost of vehicle in case of new vehicles.
225% of cost of vehicle in case of used or old vehicles (Vehicle age should not be more than 5 years).
Card Rates applicable (p.a.), Interest will be applied monthly basis on outstanding amount.
EMI starts at Rs.2175* per month and goes up to Rs.3400* depending on your tenure.
Maximum period for repayment is 60 months for new vehicles.
Maximum period for repayment is 36 months for used vehicles.
Bank will create the first charge on assets created out of a loan.
In addition to the above security, bank will ask for collateral security of 100% of sanction amount (in case of four wheeler).
Maximum one guarantor required for two wheeler loan up to Rs.1,00,000.
Minimum two guarantors required for other vehicle loans.
Applicant
Photo, Photo ID, Residence proof, Income proof such as last 3 months salary slip or last three years balance sheet and tax returns. Quotation of vehicle in case of new vehicle, agreement to sale in case of old vehicle.
Guarantor
Photo, Photo ID, Residence proof, Income proof.