Purpose: For purchase of Cars/Two Wheelers of any make, new as well as second-hand vehicles less than 3 years old.
Eligibility: Any Individual, Proprietary/Partnership concerns as well as Limited Companies are eligible to avail finance under the vehicle loan scheme; provided they have adequate repayment capacity.
Period of Repayment: The period of repayment for new vehicles is upto 5 years and 3 years for Old Vehicles.
Interest: Under the Vehicle Loan interest is charged on daily products basis. Nominal processing charges of 0.25% of the amount of loan are levied upfront plus documentation charges.
As prescribed by Bank for time to time, present interest rates are as follows
| Purchase of Car / Two Wheeler(For self use) | 11.00% |
| Commercial Vehicles | 13.50% |
| Taxi/ Auto Ricksaw in case of Owner Driven upto Rs. 2.00 lacs | 12.00% |
| Taxi/ Auto Ricksaw in case of Owner Driven above Rs. 2.00 lacs | 12.50% |
Mode of Repayment: The loan can be repaid in EMI which depends on quantum and period of loan.
Prepayment: It is possible to make accelerated repayment of the car loan or other vehicle loan without any and there are no prepayment charges.
Security: Hypothecation of vehicle with noting of charge with RTO, comprehensive Insurance Policy of the vehicle with Bank’s clause.Sureties of the persons acceptable to the Bank. The borrower or Guarantors have to become members of the bank and acquire requisite shareholding as per rule.