- Purchase of brand new two wheeler/four wheeler vehicle for personal use.
- Purchase of brand new three wheeler/four wheeler vehicle for commercial use such as Auto-Rikshaw, Loading taxi, Taxi car, Cab, Bus, Truck, Tractor,crane etc.
Vehicle Loan
Purpose
Who are eligible
- All individuals, who are residing and employed in gainful activity in the area of operation of the Bank and having valid driving licence are eligible for vehicle loan to purchase vehicle for the personal use.
- Persons/firms, having experience of carrying transport business and having valid drive licence to drive commercial transport vehicles will be eligible for vehicle loan to purchase vehicle for commercial use.
Loan amount
- 75% of vehicles quoted price with details such as name of standard make/Brand of the vehicle, company’s name, Model and cost of vehicle etc. (subject to repayment capacity of the borrower )
Security
- Hypothecation of vehicle (hypothecation clause in favour of Bank will have to be included in the Registration Certificate of the vehicle purchased out of Bank finance).
- For loans above Rs.5.00 lacs, equitable mortgage of immovable property will also be required. Third party guarantee of one person (two persons for loans upto Rs.5.00 lacs) will also be taken.
Repayment
- Maximum in 60 EMIs.