Vehicle Loan

Purpose

  • Purchase of New Cars/Two Wheelers.
  • Purchase of Second Hand/Used Cars/Two Wheelers, not more than 5 years old.

Eligibility

  • Individuals aged between 21 and 70 years.
  • Permanent Employee of State/Central Govt., Public/Joint Sector Undertaking, Private Establishment or Reputed Company.
  • Pensioners drawing pension through our bank.
  • Professionals/Self Employed persons having independent income.

How much you are entitled to?

  • 85% of the cost/invoice of new vehicle.
  • 70% of the market value of used vehicle, not more than 5 years old.
  • 100% of the cost/invoice for new vehicles
  • For salaried applicants, if salary mandate is provided from the employer and salary is remitted to the branches of our Bank.
  • Providing mortgage of property secured to existing housing loan as continuing security.

What is your contribution?

  • 15% for new vehicles or 30% of the cost/value for old vehicles.

REPAYMENT PERIOD

  • Maximum of 84 months.

Rate of interest

  • Base Rate+ 0.40 = 10.05% p.a. (floating).*

Documents required

  • 2 passportsize photos.
  • Identity Proof.
  • Residence Address Proof.
  • Statement of account of the applicant/co-applicant for the past one year from their present Bankers.
  • Salary slips for the last 3 months of the applicant in case of salaried person.
  • Latest IT returns for 2 years for salaried/professional/businessmen/self employed applicant.

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