Vehicle Loan
We offer easy car loans to both salaried and self-employed. What’s more, we not only help you raise funds but also assist you in finding your dream car. So, what are you waiting for? Apply car loan today Contact nearest branch!
Purpose
- New Vehicle
- Second-hand vehicle below 5 year
- Eligibility
- The employees who produce an undertaking letter from the Employer to deduct and remit the installment amount every month or an undertaking letter from the employer to credit the salary only in the account of the employee maintained at our branch.
- The applicant should have permanent Driving License.
Any individual with minimum net income of Rs. 75,000 p.a. (including the income of the spouse). - Any individual with minimum net income of Rs. 75,000 p.a. (including the income of the spouse).
Repayment Period
- The repayment period may be fixed up to the maximum of 84 months.
Penal Interest
- Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing fees
- 1.00% of Limit sanctioned without any maximum cap.
Shareholding
- 2.5% of Loan Amount
Quantum Of Finance
- 75% of the “Ex-Show Room” of the vehicle
Interest Calcualtion Method
- Reduced Balance method
Security
- Hypothecation of Vehicle to be financed.
Documentation
- Simple documents as per our Bank Norms
- 100/- stamp paper Vehicle Loan agreement
Penalty for Pre-Closure
- NIL
Other Stipulation
- Hypothecated Vehicle should be adequately insured.
- The Bank’s hypothecation charge should be noted in the RC Book.
- Duplicate key and RC Book copy should be obtained and kept along with the loan documents.
