Purpose

For purchase of  Two & Four Wheelers

Eligibility

Individuals as well as business concerns(corporate and  non-corporate)

Age

Minimum :  18 Years

Maximum : Subject to adjustment of loan for individuals/ prop before the age of

Service class non pension –  60 years

Service class with pension – 70 years

Others                                -  70 years

*Age above 70 years can be considered by way of younger co-borrower with adequate repayment capacity.

Quantum of Finance

Need based.

Margin

For New vehicles -- 

15% of on-road price.

Nil - on road price  - For existing borrower

(Exclusive of accessories).

For old vehicles -- 25%

Rate of Interest

Please click here For rate of interest

Processing fee

(one Time)

Please click here For Processing fee

(50% concession in Processing Charges during PSB UMANG campaign, valid till 30.06.2021.)

Documentation charges

Actual Stamp/Revenue expenses only

Security

Hypothecation of vehicle. RC/ comprehensive insurance policy with bank clause incorporated therein.

Repayment

For new four wheeler vehicles : Maximum 84 months.

For new two wheeler vehicles : Maximum 36 months.

For old vehicles : Maximum 60 months subject to age of vehicle (total period of Repayment plus age of vehicle not to exceed 84 months). The overall age of the vehicle & the repayment period together should not exceed 7 years.

Prepayment

No foreclosure charges/prepayment penalties for individual borrowers (including sole proprietorships). In case of loan takeover of corporate borrowers , prepayment charge @ 1% on outstanding balance

Guarantee

• As per Bank’s discretion on case to case basis.