Vehicle Loan :
Looking for a new ride?
At our bank, we offer quick loan processing, easy documentation and low interest rates for purchasing both two-wheelers and four-wheelers.
Purpose :
- To purchase any type of new brand vehicle.
- Two-wheelers, Cars, Mini / Light / Medium Vehicles, Autos / Jeeps / Lorry / Bus and other commercial vehicles etc,.
Membership :
- 2.5% of the loan amount as a regular shareholder.
Eligibility :
- The applicant should have a driving license not applicable for four-wheeler loans.
Repayment Period :
- You can choose a repayment period of up to 60 months to help make your payments more manageable.
Rate of Interest :
- 15.50% for Two Wheelers.
- 14.50% for Four Wheelers.
Penal Charges :
- Any irregularity or default in repayment will attract penal charges of 3.00% p. a. over and above the above rate of interest on the balance outstanding.
Processing Fee :
- 1.30% of the Limit sanctioned without any maximum cap.
Quantum Of Finance :
- 75% of the quotation of the vehicle on the road price.
Interest Calculation Method :
Security :
- Hypothecation of the vehicle to be financed.
Documentation :
- Simple documents as per our Bank Norms.
Penalty for Pre-Closure :
Other Stipulation :
- It is important to ensure that a hypothecated vehicle has sufficient insurance coverage. The Bank’s hypothecation charge should be noted in the RC Book copy should be obtained and kept along with the loan documents.
