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NEW VEHICLE |
USED VEHICLE |
Eligibility |
Any person with assured monthly Income acceptable to the Bank. |
Any person with assured monthly Income acceptable to the Bank. |
Purpose |
Purchase of new vehicle |
Purchase of used vehicle below 5 years |
Rate of interest
|
i)650 and above - 9.50%* ii)600 to 649- 10.00%* iii) (-1) - 9.50%*
EMI
2 wheeler - 14.00%*
Two-wheeler loans (new) a discount of 1.00% in interest is offered for the borrowers who opt for insurance from insurance companies which have tie up with the Bank.
|
For used vehicles below 5 years LMV Private Vehicle
i) Vehicle model within 2 years- 11.00%*
ii) Vehicle older than 2 years less than 5 years - 12.50%*
Second hand School Buses - 10.00%*
|
Hypothication Loan (Private) |
i)650 and above - 9.75%* ii)600 to 649- 10.00%* iii) (-1) - 9.75%* |
|
Organisational / Institutional Vehicle Loan |
Up to Rs. 15 Lakhs -9.00%*
Above Rs. 15 Lakhs - 9.50%*
|
Second Hand School Busses - 10.00%* |
Repayment Tenure
|
Upto 7 years |
Depending upon the model of the vehicle |
Surety |
Minimum one guarantor with sufficient net worth |
Minimum one guarantor with sufficient net worth |
Security |
New vehicle and additional security insisted by the Bank |
Used vehicle plus additional security |
Margin |
For Two Wheeler:- At least 25% of the Quotation Value
For Four Wheeler:- At least 15% of the Quotation Value
|
For Used Three, four wheelers and above. Age upto 3 years:-30% of Valuation Age above 3 years up to 5 years:- 50% of Valuation
|
Other Terms |
Membership is necessary for the borrower and sureties to avail this loan. |
Membership is necessary for the borrower and sureties to avail this loan. |
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* Floating rate of interest |
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Terms & Condition: A discount of 0.50% in interest is offered for the borrowers who opt for insurance from insurance companies which have tie up with the Bank. In case of Two-wheeler loans (new) a discount of 1.00% in interest is offered for the borrowers who opt for insurance from insurance companies which have tie up with the Bank.