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

Four Wheeler:

I)650 and above - 10.00%*
ii)600 to 649- 11.00%*
iii) (-1) /Up to 100 as per new norms-10.00%
iv)Above 100 to upto 200 as per new norms-11.00%

Two wheeler - 14.00%*

.

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%*

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.

* Floating rate of interest