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Vehicle Loan

Personal Vehicle Loan - Adding wheels to your dream.

Purpose

  • For purchase of all types of Cars, Jeeps, Small Vans, two wheelers, three wheelers etc.
  • Both brand new and pre-owned vehicles except two wheelers.
  • In the case of pre-owned vehicles, the age of the vehicles should not be more than 2 years.
  • Pre-owned Two Wheelers are not eligible under the scheme.

Eligibility

  • Individuals including NRIs/ Firms/ Companies, who are having sufficient income to meet the repayment commitments.
  • Income of the spouse or children may also can be taken into account for calculating the eligible amount of loan

Limit & Margin

New Vehicles
  • 90% of the cost of vehicle.
Pre - owned Vehicles
  • 70% of purchase consideration /insured value /value assessed by Automobile Engineer/ Insurance Surveyor, whichever is lower.
  • The vehicle considered for finance should be lien-free.

Security

Upto 10 lakhs
  • Hypothecation of Vehicle
  • & Guarantee / Co obligation of a credit worthy person
Above 10 lakhs
  • Hypothecation of Vehicle
  • Equitable Mortgage of landed property of value not less than 150% of loan amount / Equivalent security of Approved securities.

Repayment

Brand New Vehicle
  • Two Wheeler : Within 60 months in EMI
  • Four Wheeler : Within 84 months in EMI
Pre-owned Vehicle
  • To be repaid within a maximum period of 60 months or up to the appraised economic life of the vehicle as per the valuation cum road worthiness certificate, whichever is earlier.

Interest Rate