Vehicle loan for Two wheelers,four wheelers and professional vehicles.

Basis of Advance

New Vehicles 75% of the On Road Price (cost of the vehicles + registration + INSURANCE + one time road tax)
Used Vehicles 50% of the valuation, which are less than three years old

Repayment Period

i) 60 months in case of New Vehicles.
ii)36 months in case of Used Vehicles. (Total period including loan tenure should not exceed 72 months from the date of first purchase of vehicle)

Mode of Repayment

i) EMI will be applicable from the subsequent month of availment of the loan by way of ECS Debit / PDCs / Salary deduction U/s. 49 of MSC Act.

Refer the Loan Interest Rates Circular in Circulars menu

Guarantors

Two guarantor having regular source of income filing regular income tax returns
Banking Relations
Previous banking relations are not necessary. Fresh A/c holders fulfilling above criteria may be considered.

Documents to be submitted along with Loan Application
Statement of Bank account of the borrower for last 12 months
2 passport size photographs of borrower(s)
Signature identification from bankers of borrower(s)
A copy of passport /voters ID card/PAN card

Proof of residence

Latest salary-slip for 3 months showing all deductions
I.T. Returns / Form 16 : 2 years for salaried employees and 3 years for professional / self-employed / businessmen duly accepted by the ITO wherever applicable to be submitted.
Proof of official address for non-salaried individuals
Proforma Invoice of the vehicle to be purchased.