Eligibility
  • Salaried Individuals in permanent employment
  • Professionals & self-employed persons
   
Sanction Limit
  • 75% of the value of a new vehicle
  • 50% of approved valuer’s value of 2nd hand vehicle
  • Repayable on an EMI Basis
   
Repayment period
  • New Vehicle - 4 years to 5 years
    (depending on loan amount)
  • Old Vehicle - 3 years
  • No pre-payment penalty
   
Rate of interest
   
Security
  • Hypothecation of vehicle purchased
  • Two Guarantors
   
Documents Required
  • Proof of Residence - Photocopy of Ration Card/Electricity Bill/Telephone Bill
  • Proof of Income - Salary Slip or last 3 years Balance Sheet or Tax Returns
  • Proforma invoice (for new vehicle)
  • Valuation Certificate from Bank's approved valuer (for 2nd hand vehicle)
  • Comprehensive Insurance with Bank clause
  • Bank’s charge to be registered with RTO
  • Blank Transfer Forms