Purpose
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For purchase of Two & Four Wheelers
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Eligibility
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Individuals as well as business concerns(corporate and non-corporate)
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Age
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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.
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Quantum of Finance
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Need based.
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Margin
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For New vehicles --
15% of on-road price.
Nil - on road price - For existing borrower
(Exclusive of accessories).
For old vehicles -- 25%
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Rate of Interest
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Please click here For rate of interest
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Processing fee
(one Time)
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Please click here For Processing fee
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Documentation charges
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Actual Stamp/Revenue expenses only
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Security
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Hypothecation of vehicle. RC/ comprehensive insurance policy with bank clause incorporated therein.
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Repayment
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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.
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Prepayment
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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
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Guarantee
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- As per Bank’s discretion on case to case basis.
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