Vehicle Loan

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Loan Scheme for Car Finanace (Under Non-Priority Sector) :

  1. Purpose of the Loan : For purchase of Car.
  2. Target Groups: Any individuals/Partnership/ Society.
  3. Age of Borrower : 18 to 65 Years.
  4. Type of Advance : Term Loan.
  5. Quantum Of Advance : 80% of the Quotation value.
  6. Margin of the Loan : 20%.
  7. Rate of Interest : @9.50% P.A.
  8. Repayment : Maximum 60 numbers EMI with 3 months gestation period if necessary.
  9. Primary : Hypothecation of Car.
  10. Additional : @5% of liquid security in the name of applicant or Guarantors.
  11. Two personal Guarantee having sufficient net worth.
  12. Linking Share : @2.50% of the loan amount.
  13. Process Fees : @1% of the loan amount.
  14. Disbursement: Disbursement to supplier.
  15. N.B. : Insurance of the car is compulsory.

Road Transport Operator (RTO) Loan :

  1. Purpose of the Loan : For purchase of any type of Commercial Vehicles.
  2. Target Groups : Any individuals/ Partners/ Company under priority sectors.
  3. Age of Borrower : 18 to 60 Years.
  4. Type of Advance : Term Loan.
  5. Quantum Of Advance : 80% of the cost of the vehicles to be purchased (Including insurance and GST).
  6. Margin of the Loan : 20% of the cost.
  7. Rate of Interest : @13.50% P.A.
  8. Repayment : Maximum 72 numbers of EMI with 3 months gestation period.
  9. Primary : Hypothecation of Vehicle with insurance of the vehicle with approve insurance company of the Bank.
  10. Additional : @5% of liquid security in the name of applicant or Guarantors.
  11. Two personal Guarantee having sufficient net worth.
  12. Linking Share : @2.50% of the loan amount.
  13. Process Fees : @1% of the loan amount.
  14. Disbursement : Disbarment should be made to supplier / Dealer. Necessary voucher/ Bill/Quotation should be obtained.
  15. N.B. : Insurance of the Vehicle is compulsory.
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