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 Individual:
- Repayment is to be ensured within 65 years of age.
- Net income to be minimum 150% of the EMI obligation
- 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%)
Conditions
- Loan up to 95% of quotation (Commercial vehicle 70%)
- Full vehicle insurance required in favour of bank
- Repayment in 36 to 60 EMI
- Margin amount to be paid by applicant
- Submit invoice, receipt, insurance & RTO book
- Share @ 2.5% of limit required
- Processing charges ₹350 to ₹1000
- CIBIL Score above 700 with 1 guarantor required
Document Required
- 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
9.50%
*p.a
Commercial Vehicle Loan - 9.30%