Vehicle Loan
Flexible financing solutions for your dream vehicle.
Purpose
Vehicle Loan is available for purchase of two wheelers, three wheelers and for Commercial vehicles and also for purchase of two years old car with good condition.
Eligibility
- An individual, Firm, Private Ltd. Companies, Public Ltd. (subject to Transport Management Directive)
- For Business firms/concerns:
- Existing business running at least last 1 year and generating cash profits
- New business less than 1 year can be considered based on projections
- Debt Service Coverage Ratio minimum 1.50:1
- Loan up to 70-75% of quotation (Commercial vehicle 70%)
- Borrower / Partners / Directors / Guarantors must be a member of the Bank.
Conditions
- Loan Limit: Basic ex-showroom price of the vehicle plus applicable RTO/registration charges (Private and Commercial vehicles)
- Full vehicle insurance required in favour of bank
- Repayment in 36 to 84 EMI
- Margin amount to be paid by applicant
- Submit invoice, receipt, insurance & RTO book
- Processing charges ₹ 100 per Lakh + GST Maximum ₹ 10,000.
- CIBIL Score above 700 No guarantor required
Document Required
- For salaried individuals : Please provide the latest 3 months' salary slips, Form 16 along with Income Tax Returns (ITR), and the last 6 months' salary account bank statements
- For business owners: Please provide the Profit & Loss Account, Balance Sheet, Computation of Income, and Income Tax Returns (ITR) for the last 3 financial years.
- Duly filled prescribed application form.
- KYC documents of applicant and 2 Guarantor (PAN, Aadhar, photo, ID proof, address proof)
- Quotation of vehicle
- Two Guarantor with KYC documents
Rate of Interest
9.00%
*p.a
Commercial Vehicle Loan - 9.30%