Vehicle Loan

 

Loan

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 –

  • Agreed Purchase Price OR
  • Valuation of such vehicle as certified by empaneled valuer; which is lower
Repayment Pattern Equated Monthly Instalment (EMI) Basis
Repayment Mode PDC / NACH Debit Mandate – For Monthly EMI as per repayment scheduleSecurity Cheques

  • If PDC Taken – ONE Security Cheque for Entire Loan Principal Amount
  • If NACH Debit Mandate Taken - SIX Security Cheques, of which FIVE of EMI / Instalment Amount and ONE for Entire Loan Principal Amount

Standing Instructions – For EMI as per repayment schedule, if operating SB/CA account maintained with us, in addition to the PDC given

Moratorium Period Not Applicable

*Conditions Apply * For More details Please Contact Nearest Branch