Transport / Vehicle Loan

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transport



> Transport / Vehicle Loan

Purpose
For purchase of new vehicle for personal / commercial use. Also for purchase of pre-owned vehicle which is not more than 5 years old . The term vehicle includes Car, Van and Jeep, Multi Utility Vehicle (MUVs).

Eligibility
(i). Salaried person: Minimum monthly gross income of Rs.10,000/ - (In case of full collateral/salary tie-up, minimum monthly gross income would be Rs.5,000).
(ii). Agriculturist: Minimum 5 acres of irrigated land should be owned.
(iii). Professional self-employed/Businessmen: Must be an IT assessee. For full liquidity, IT assessment order / IT return may be waved.

Maximum Loan Amount
On sole discretion of the Bank.

Margin
1. For New Vehicle : 25% of the cost of vehicle to 10% (as per Bank's discretion).
2. In case of purchase of pre-owned vehicle, the loan amount will be restricted to 75% of the valuation of the vehicle.

Repayment Period
1. For New Vehicle : Maximum 84 months.
2. For Old Vehicle: Maximum 60 months.

Security
1. Hypothecation of vehicle and registration with RTA with Bank's clause.
2. Comprehensive Insurance of the vehicle with Bank's clause.
3. Tangible / collateral security may differ from case to case.
4. Collateral security is not mandatory.

Guarantors
Two (2)

Processing Fee
0.50% of the sanctioned loan amount.

Others
Income of spouse can be clubbed.


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(For detail Terms & Conditions, Please contact nearest Branch Manager)