Vehicle Loan

• Purpose: For purchase of vehicle for personal or commercial use only. Used vehicle should not be more than 5 years old from the date of manufacturing

• Maximum amount: 75% of on-road cost of vehicle or applied amount whichever is lower in case of new vehicle. In case of old vehicle 50% of Valuation price or 75% of Agreement Value or Applied amount whichever is lower

• Eligibility: Salaried Person should be an employee of any reputed organization with confirmed service record and for Business the party should be as Sole Proprietor / Partnership Firm / Pvt. Ltd company/ Professional / Self Employed person / Partner/ Director etc

• Membership: Regular Member of Bank

• Period: Maximum of 60 months for new vehicle and maximum of 36 months for used vehicle

• Guarantors: Minimum two sureties and maximum depends on merit of proposal

• Margin: 25% to 40%

• Security: Hypothecation of proposed vehicle and collateral security is required on merit of proposal

• Interest Rate: As per Bank Policy

• Service Charges: As applicable one time

• Documents Required: Self certified KYC documents, current Banker's Statement of Accounts for last one year, Original Pay slips for last consecutive three months/ Salary Certificate, Form No-16 And/ or IT Returns with computation of income and financial statements for last three consecutive years

• In case of Business IT Returns are compulsory along with other necessary documents. Proforma Invoice of authorized dealer/ vehicle Purchase letter or agreement in case of old vehicle, Margin Money paid receipts and any other documents required on case to case basis