Available for purchase of New Car/ Van/ Jeep/ Multi Utility Vehicle (MUV)/ Sports Utility Vehicle (SUV)
For Private use : Individuals as well as Business Concerns (Corporate or non-corporate)..
Amount of Loan
Margin: For New Vehicles: 40%. Old Vehicles: 60%.
Rate of Interest: 13% p.a
Repayment period: Maximum 5 years
The vehicle purchased with the amount of loan is to be hypothecated to the Bank. It will be registered in the name of the borrower jointly with the Bank.
Guarantee / Collateral Security
Guarantee of spouse, if employed/ earning or third party guarantee, OR Collateral Security in the shape of either Immovable Property or Liquid Security equivalent to 100% of loan amount. Additional guarantee of parent(s)/ spouse to be taken incase their income has been taken account for determining loan amount.
The intending borrower will be required to settle the transaction for purchase of vehicle needed by him/her with the seller and will be required to deposit the difference of the cost of the vehicle to amount of loan, and thereafter, the advance will be allowed to him/her from the bank by paying the entire price of the vehicle to the seller directly on behalf of the borrower.
For more details and other formalities contact nearest branch head.