1

Eligibility

Individuals , Registered Company, Societies & Firms

2

Purpose

Purchase of New Vehicle

3

Maximum Loan Amount

75%  of the Vehicle Price, Maximum Rs.60.00 Lakhs

4

Repayment Period

3-5 Years of Monthly Instalments

5

Rate of Interest

9.5% to 10.00%  ( ROI applicable as revised by the Bank from time to time)

6

Security for the Loan

• Hypothecation of Vehicle
• Other Collateral Security if loan exceed Rs.1.00 Lakhs

7

Surety

•  One person for the loan upto Rs.5.00 Lakhs
•  Two persons for the loan exceeding Rs.5.00 Lakhs

8

Documents to be submitted

•  Loan application in the prescribed format
•   Documents as per the KYC Norms
•   Quotation by the authorized dealer of the vehicle
•   Documents to assess the repayment capacity
•   Other loan documents