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Vehicle Loan

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A Vehicle loan allows someone to borrow money to purchase private vehicle as bike, car, auto, truck as well as commercial vehicles.

Tenure of 5 to 7 years

Tenure for this loan is limited to 5 to 7 years

Fast Loan Processing

It has Fast Loan Process.

ROI 18%

It has ROI of 18%.

Aspects

  • Fast and smooth loan processing for quick vehicle financing.
  • Loan amount available up to 70% to 80% of the vehicle quotation value.
  • Flexible repayment tenure available from 5 to 7 years.
  • Pre-payment of loan attracts a penalty charge of 2%.

ROI & Handling Charges

  • Vehicle loan facility available at an interest rate of 18%.
  • Handling charges are applicable on a half-yearly and yearly basis.
  • A processing fee of 2.5% is charged on the sanctioned loan amount.
  • Margin amount applicable ranges from 20% to 30% of the loan amount.

Eligibility

  • Salaried individuals with a regular monthly income of Rs. 10,000 or above are eligible to apply.
  • Businessmen can avail the vehicle loan facility based on eligibility criteria.
  • Self-employed individuals with stable income are eligible for the loan.
  • Professionals having a regular source of income can apply for the loan facility.
  • Applicants between 18 and 55 years of age are eligible for the vehicle loan scheme.

Documents Required & Shared Holdings

  • New customers and guarantors are required to open a Savings or Current Account with the bank.
  • Duly filled application form along with:
    • Income Proof of Applicant & Guarantors
    • Residential Proof of Applicant & Guarantors
    • PAN Card of Applicant & Guarantors
    • KYC Documents of Applicant & Guarantors
  • Employer certificate / Salary slips of last 3 months with income verification are required.
  • Vehicle quotation documents must be submitted during the loan process.
  • Two acceptable guarantors are mandatory for loan approval.
  • Regular Membership fees is Rs. 10 & Share amount @ 10% of loan amount.
  • Guarantors : Nominal membership.