Want a vehicle for commercial or business purpose ? Get one through our commercial vehicle loan scheme
Purchase of new commercial vehicle
Purchase of second hand commercial vehicle
Takeover of commercial vehicle loan from other banks
Who Can Borrow
Individuals (Salaried employees* / businessmen)
*Salaried persons with a minimum salary of Rs 10,000/-per month and confirmed service of at least two years
Commercial establishments i.e. partnership firms/ Pvt. Limited co./Limited Cos./ any other commercial organization, registered societies etc
85% of the cost of the vehicle (ex-showroom cost + insurance + registration charges + standard accessories)
Maximum Rs. 100,00,000/-
Minimum Rs. 50,000/-
15% of the cost of vehicle (ex-showroom cost + insurance + registration charges + standard accessories).
Maximum 84 months*
* In case of old vehicle maximum period in case of old vehicle is calculated by substracting the month and year of make of vehicle from 84 months.
* In case of takeover loan the repayment period shall not exceed the residual repayment period of the transferor bank.
Rate Of Interest
The rate of interest as decided by the bank from time to time would be applicable
Hypothecation of vehicle.
Two guarantors acceptable to the bank.
1% of the loan amount + GST
1.5% of the loan amount.
Photograph , PAN and KYC documents of borrower and guarantor
Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
Proforma Invoice of the dealer.
Valuation certificate from the reputed garage / valuer for second hand vehicle
Statement of a/c and classification report/ conduct of the a/c from the transferor bank in case of takeover loan