For Purchase of New Vehicle or Second Hand Vehicle
- Eligibility :
Salaried Employees/Businessmen having regular source of income.
- Loan Amount :
70% of Quotation for New Vehicle
50% of Valuation or 50 % of actual cost which ever is less for Second Hand Vehicle
- Margin :
30% of Quotation
- Rate of Interest :
13% upto 3 years, 13.5% upto 5 years, 14% above 5 years
- Security :
Hypothecation of Vehicle
- Guarantee :
Two competent guarantors acceptable to bank.
- Processing Charges :
0.5 % of the loan amount applied
- Shareholding :
As per Bank's rule
- Documents Required :
I. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
II. In case of salaried person, salary slip for last 3 months and bank statement for last 6 months, ITR for 3 years
III. In case of businessman, last 2 years profit & loss and balancesheet, ITR copies of last 3 years and bank statement of business account for last 6 months.
IV. Quotation of Vehicle
V. Margin Money Receipts
- Special schemes for purchasing four wheelers for personal use on simple and attractive terms & conditions.