Achieve Your Dreams Quickly Add pace to it, through our Vehicle Loan.
Car Loan is available for :
- Purchase of New / Old Car
- Commercial Vehicles
- Two Wheelers
TERMS AND CONDITION
Eligibility
Salaried persons, professionals and business people, with qualifying income and required repayment capacity. Reputed firms and corporations are also eligible.
Minimum Employment
1.For Service Persons Total – 3 yrs
2.Current – 2 yrs
3.Others – 3 yrs
Minimum Annual Income
4W – Rs.3.50 lac for salaried, Rs. 2.00 lac for others 2W – Rs. 2.00 lac (Income of spouse can be included if joins as Co-applicant)
Maximum amount
4W – Rs.15.00 lac
2W – Rs.0.50 lac
Salaried – 18 times Gross Pay
Professionals – 1.50 times of average annual Income as per their last three Balance – Sheet/ P & L account or last year’s income whichever is less.
Security:
Hyp. of Vehicle
Guarantor
Two Guarantor acceptable to Bank
Margin :
15% for a new vehicle.
50% for second hand 4 wheeler up to 3 yrs
Repayment
Repayment is done through Equated Monthly Installments (EMIs) comprising both principal and interest. Servicing of EMI would be through
- Post Dated Cheques (PDCs)
- Standing Instruction
- ECS 4W(New) 84 Months
2W 60 Months
2nd 4W 60 Months
Insurance
Compulsory
TWO WHEELER LOAN
“Two-wheeler” is the vehicle of the common man. As service to the common man, a two wheeler loan is granted by the Bank. The Bank grants the loan as Consumer Durable loan.
Purpose
Purchase of a two-wheeler.
Loan amount
- Maximum Amount – Rs.1.00 lakh
- Cost of Vehicle + Insurance (Excluding RTO Charges and Accessories)
Margin: 25%
Period of loan
Maximum period is 60 months.
It should be paid in EMI.
Security
Hypothecation of the vehicle to be purchased.
Guarantee
Two guarantors having a regular source of income.
Please Contact Your Nearest Branch