| Particulars | Vehicle Loan (Term Loan) – Retail | ||
| Eligible Borrower | Person eligible as per Indian Contract Act, 1872 | ||
| Minimum Age (Completed Years) | 18 Years | ||
| Purpose of Loan | Purchase of New / Second Hand Vehicle (2W / 4W) for personal use** Second Hand Vehicle shall not be older than 5 years w.e.f. It’s the first registration date. | ||
| Maximum Amount (Rs.) | As per Exposure Limit – Single Borrower | ||
| Loan (Minimum-Maximum) | Term– | For 2 wheeler Loans – Minimum ( 12 Months ) – Maximum ( 60 Months )For 4 wheeler Loans – Minimum ( 12 Months ) – Maximum ( 84 Months ) | |
| Prime Security | Secured – Hypothecation of vehicle acquired out of bank finance. | ||
| Collateral Security | As a Risk Mitigation Measure, bank reserves the right to insist on acceptable collateral security as per bank’s policy | ||
| Guarantors | For Two Wheeler Loans – Minimum Two Guarantor of sound financial standingFor Four Wheeler Loans – Minimum Two Guarantors of sound financial standing, of which one must be preferably salaried. A salaried government, quasi-government employee shall be an added risk mitigation measure. | ||
| Margin in Banks’ Favour | For New Vehicles – Not less than 10% of ( Ex-showroom Price + RTO Charges + Insurance + Accessories + WarrantiesFor Second Hand Vehicles – Not less than 15% of –
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| Repayment Pattern | Equated Monthly Instalment (EMI) Basis | ||
| Repayment Mode | PDC / NACH Debit Mandate – For Monthly EMI as per repayment scheduleSecurity Cheques –
Standing Instructions – For EMI as per repayment schedule, if operating SB/CA account maintained with us, in addition to the PDC given |
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| Moratorium Period | Not Applicable | ||
*Conditions Apply * For More details Please Contact Nearest Branch