| Purpose | For purchase of New & Old Four Wheelers, Two Wheelers (old vehicles not to be older than 5 years) (non-commercial use & to be registered as private vehicle) |
| Eligibility | Individuals as well as business concerns(corporate or non-corporate) |
| Age | 18 years to 65 years, , subject to age for repayment |
| Quantum of Finance |
For Individuals & Proprietorship concerns:New Vehicles & Old VehiclesNo maximum ceiling on amount of loan. For business concerns and Institutions (corporate or Non-corporate): New & Old Vehicles
(3 year ITR also to be obtained). No maximum ceiling on amount of finance and number of vehicles to be financed to single entity. |
| Margin |
For New Four Wheeler vehicles -- a. For the existing borrowers of the Bank who have availed Mortgaged backed loan(s) from the Bank and the same is running regular for last one year- Nil Margin during Festival Bonanza Campaign period. b. For others -10% on, on-road price (excluding accessories, Insurance and Registration Charges). For Two Wheeler Vehicle: 10% on, on-road price (excluding accessories, Insurance and Registration Charges). For old vehicles -- 25% |
| Rate of Interest | Please click here For rate of interest |
|
Processing fee (one Time) |
Please click here For Processing fee |
| Documentation charges | Actual Stamp/Revenue expenses only |
| Security | Hypothecation of vehicle. RC/ comprehensive insurance policy with bank clause incorporated therein. |
| Repayment |
For new vehicles : Maximum 84 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. |
| Age for Repayment |
Service class non pension : upto 60 years Service class with pension : upto 70 years Others : upto 70 years |
| Prepayment | No prepayment penalty is levied if the loan is adjusted by the borrower from his own sources. In case of loan take over, prepayment penalty to be charged @ 1% on outstanding balance |
| Guarantee |
Individual / Proprietorship cases:
Partnership firms casesNo guarantee to be obtained as all the partners would execute the documents and would be liable jointly and severely. Joint Stock Companies/ Trusts / Associations etc.Personal guarantee of any Director/ Trustee / Member (other than those who is executing the documents). |
- Sat, February 23-2019
