Vehicle loan
A Vehicle Loan is a loan that allows you to purchase two and four wheelers for personal use. Typically, the lender loans the money (making a direct payment to the dealer on the buyer's behalf) while the buyer must repay the loan in Equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate.
| Applicant | Any Individual (Single/Jointly)/Firm/Legal Entity. |
| Purpose | For purchase of New/old vehicle ( not more than 5 years old). |
| Loan Amount | 70% |
| Rate Of Interest | As per Bank Norms |
| Repayment | 24 Month |
| Security | Hypothecation of vehicle Two Guarantors. If loan amount is more than Rs.25 lac then immovable security need to be provided |
| Processing Fee | As per Bank Norms |
| Share Holding | 2.5% Of The Loan Amount |
| Documents | Duly filled Loan Application Form Pro-forma Invoice of the Authorized Dealer For other documents. |
| Insurance | Insurance Of Property Charged To The Bank. |
