Vehicle Loan
Vehicle Loan
Vehicle Loan
Eligibility Criteria:
- An individual who is an income tax assessee, salaried employee etc.
- Agriculturists owning agricultural properties.
- A company / firm/ trust/ association/societies availing the loan in its name or in the name of its executive / managing director / managing partner/managing trustee/president/secretary
- Age limit of the applicant not more than 55 years old.
Purpose:
- Purchase of new vehicle
Amount of Loan:
- Up to 75% of ex-showroom price + Road tax + Insurance of the new vehicle.
Period of loan:
- Maximum up to 60 months/5 years.
Security
- 120% of the Loan Amount in shape of Collateral Security (Land & Building), liquidity security in shape of Fixed Deposit/KVP/NSC/LIC.
Hypothecation
- Hypothecation of new purchased vehicle.
Rate of Interest:
- The rate of interest on these loans shall be charged at the rate fixed by our Bank from time to time or rate applicable at the time of disbursement of loan and interest will be charged on monthly rests to the account.
