Vehicle Loan

Products - Vehicle Loan :

  • Scheme for financing of Commercial vehicles (Bus/Truck).
  • Transport Loan Scheme for Commercial vehicles (Taxi/Auto Rickshaw).
  • Vehicle Loan Scheme Professional and Employees.
  • School College Bus.

Quantum of Loan :

 For New Vehicles

  • 75% of Vehicle cost for Commercial vehicles (Bus/Truck). Maximum 10 Lakhs or twenty months earnings, whichever is less.
  • 80% of Vehicle cost for Transport Loan Scheme for Commercial vehicles (Taxi/Auto Rickshaw) Maximum 5 Lakhs.
  • 85% of Vehicle cost for Professional and Employees. Maximum 5 Lakhs or twenty month’s income whichever is less, for salaried persons. In case of professional 1.5 times of their two year’s annual average income.

 For Old Vehicles

  • 50% of value of Vehicle assessed by authorized valuer.

Disbursement :

  • 1 or 2 instalments as applicable.

Margin Money :

 For New Vehicles

  • 25% of Vehicle cost for Commercial vehicles (Bus/Truck).
  • 25% of Vehicle cost for Commercial vehicles (Bus/Truck).
  • 15% of Vehicle cost for Professional and Employees.

 For Old Vehicles

  • 50% of value of Vehicle assessed by authorized valuer.

Rate of Interest :

  • For Car Loan:
  • For Commercial Vehicle Loan:
  • For Two-Wheeler Loan:

Repayment Period :

  • Minimum 36 Months and Maximum 84 Months through advance EMI cheques.

Documents required along with duly completed Application Form. 

Borrower related document :

  • Photograph - 2
  • Borrower's Bank account statement for the last six months.
  • Copy of ITR of last 3 years (for Non- Salaried).
  • Income Proof Last three month's Salary Slip/Copy of Form 16 in case salaried persons.
  • Brief statement of assets and liabilities, of the Co-borrower.
  • KYC documents of borrower(s) as well as Guarantor(s) - PAN Card, Aadhar Card, Election ID Card, Photo Debit Card, Arms License, Ration Card of the Applicant, Freedom Fighter Pass, Employer Identity Card, etc with the condition that it must contain Name, Photograph and Signature of holder.
  • Age Proof.
  • Advance EMI cheque(s)

Document related to collateral property :

  • Copy of title documents viz. Sale Agreement, Registry, Allotment Letter/Lease deed
  • Non-encumbrance certificate.
  • Valuation of the property or letter of demand.

Loan Documentation :

  • Loan Agreement on stamp paper as per bank's norms.
  • Guarantee deed on stamp paper as per bank's norms.
  • Demand & time Promissory notes.
  • Letter of continuity.
  • Usance Certificate
  • Letter of undertaking in the prescribed format.
  • Hypothecation Deed
  • Copy of Registration Certificate
  • Copy of Driving License in case transport vehicle.
  • Comprehensive Insurance
  • Fixed Deposit receipt as per bank's norms.
 

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