Purpose

For purchase of  Two Wheeler & Four Wheeler

Eligibility

5. Permanent employees of Central/ State Governments / Public Sector Undertakings (PSU).
5. Permanent employees of reputed Education Institutes as approved by the Bank.

Age limit

5. Minimum : 18 years
5. Maximum: Subject to adjustment of loan before the age of

1. i. Employee without pension  – 60 years
2. ii. Employee with pension or NPS* – 70 years

Quantum of Finance

5. Minimum: Rs. 50000.00
5. Maximum: Need based finance

Margin

1. a. 10 % of on-road price inclusive of one time road tax, registration & insurance.

2. b. For existing borrowers who have availed Mortgaged backed loan(s) from the Bank and the same is running regular including fresh sanction, NIL Margin, of on-road price inclusive of one time road tax, registration & insurance.

Rate of Interest

Please click here For Rate of Interest

Additional concessions in applicable ROI:

1. i. Borrower whose salary account with our Bank:- 0.20%
2. ii. Special concession for women - 0.10%.

Note: Subject to maximum concession of 0.20%.

Repayment

For new four wheeler vehicles: Max. 84 months.

For new two wheeler vehicles:  Max. 60 months.

Security

Hypothecation of vehicle financed.

Prepayment charges

NIL

Processing Charges

Please click here For Processing fee

Concession in applicable processing charges as under:

1. i. Where salary account is maintained with our Bank – 50% concession
2. ii. For others: 25% concession

(No Processing Charges during PSB Utsav Mala campaign, valid till 31.03.2021.)

Inspection Charges

Full waiver of Inspection Charges.

Documentation Charges

Actual Stamp/ Revenue / Legal opinion/ valuation report / Index inspection/ Mutation expenses etc.