Vehicle Loan
Info | Private Vehicle | Commercial Vehicle | Second Hand Vehicle |
Purpose | Purchase of new vehicle | Purchase Of New Vehicle | Purchase Of Used Vehicle Below 5 Years |
Rate of interest | Reducing balance 13.00% | Reducing balance 13.50% | Reducing balance 14.50% |
Repayment Tenure | 3 year to 7 years | 3 year to 7 years | Depending upon the model of the vehicle |
Surety | Minimum two guarantor with sufficient net worth | Minimum two guarantor with sufficient net worth | Minimum two guarantor with sufficient net worth |
Security | New vehicle and additional security insisted by the Bank | New vehicle and additional security insisted by the Bank | Used vehicle plus additional security |
Margin | Maximum 85% of the Invoice value . | Maximum 85% of the Invoice value . n case of heavy commercial vehicles, an additional of 50% of the invoice will be advanced for Body building subject to providing additional security. | For Used Three, four wheelers and above. (maximum 5 years old) valuation to be done by panel of surveyors and advance from 50% to 70% of the valuation, based on the model of the vehicle. |
Other Terms | Membership is necessary for the borrower and sureties to avail this loan | Membership is necessary for the borrower and sureties to avail this loan. | Membership is necessary for the borrower and sureties to avail this loan. |