Vehicle Loan

• Purpose :
  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.