Vehicle-Loans Vehicle-Loans

Vehicle Loans

purchase Vehicle for personal use

Interest Rates Quick Enquiry Service Charges

Vehicle Loans

Eligibility

Public- salaried employees, professional & self employed persons such as Doctors/Chartered Accountants/ Advocates /Contractors, etc, Small Business persons/ Agriculturists & others.

Purpose

Enable customers to purchase Vehicle for personal use [Two Wheeler or Four Wheeler]

Quantum Of Finance

Cost of the Vehicle less Margin. The cost of registration, Insurance, Life time tax may be included in the total cost.

Margin & Security

Category Limit Rs. Margin Security
All category of borrowers upto Rs. 50,000 10 % Primary: Hypothecation over vehicle to be purchased.
Collateral: Third party guarantee
Salaried class Above Rs.50000 upto Rs.5.00 lakhs 25 % Primary: Hypothecation over vehicle to be purchased.
Collateral: Third party guarantee.
Other IT payees Above Rs.50000 upto Rs.5.00 lakhs 35% Primary: Hypothecation over vehicle to be purchased.
Collateral: Third party guarantee.
All category of borrowers Above Rs.5.00 lakhs 25 % Primary: Hypothecation over vehicle to be purchased
Collateral:Mortgage of land/ Immoveable property. OR Pledge of NSCs for the Value of the finance. OR Assignment of LIC Policies with Surrender Value equal to the Value of the finance.

Insurance

Assets created out of the Bank loan should be insured with Bank clause. The policy should be kept in force for the period of the loan.

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