|Purpose||For purchase of New & Old Four Wheelers, Two Wheelers (old vehicles not to be older than 5 years) (non-commercial use & to be registered as private vehicle)|
|Eligibility||Individuals as well as business concerns(corporate or non-corporate)|
|Age||18 years to 65 years, , subject to age for repayment|
|Quantum of Finance||
For Individuals & Proprietorship concerns:
New Vehicles & Old Vehicles
No maximum ceiling on amount of loan.
For business concerns and Institutions (corporate or Non-corporate): New & Old Vehicles
(3 year ITR also to be obtained).
No maximum ceiling on amount of finance and number of vehicles to be financed to single entity.
For New Four Wheeler vehicles -- Under Festival Bonanza Scheme Combo Offer with new/existing Housing Loan: Nil Margin
For Two Wheeler Vehicle/ New Four Wheeler Vehicle without Combo Offer: 10% on, on-road price (excluding accessories, Insurance and Registration Charges)
For old vehicles -- 25%
|Rate of Interest||Please click here For rate of interest|
|Please click here For Processing fee|
|Documentation charges||Actual Stamp/Revenue expenses only|
|Security||Hypothecation of vehicle. RC/ comprehensive insurance policy with bank clause incorporated therein.|
For new vehicles : Maximum 84 months.
For old vehicles : Maximum 60 months subject to age of vehicle (total period of Repayment plus age of vehicle not to exceed 84 months)
The overall age of the vehicle & the repayment period together should not exceed 7 years.
|Age for Repayment||
Service class non pension : upto 60 years
Service class with pension : upto 70 years
Others : upto 70 years
|Prepayment||No prepayment penalty is levied if the loan is adjusted by the borrower from his own sources. In case of loan take over, prepayment penalty to be charged @ 1% on outstanding balance|
Individual / Proprietorship cases:
Partnership firms cases
No guarantee to be obtained as all the partners would execute the documents and would be liable jointly and severely.
Joint Stock Companies/ Trusts / Associations etc.
Personal guarantee of any Director/ Trustee / Member (other than those who is executing the documents).
- Wed, February 21-2018