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Vehicle Loan

Vehicle Loan

Nature of Loan Term Loan
Tenure of Loan Maximum 07 Years
Eligible borrower Individuals as well as business concern (Corporate / Non-Corporate)
Age 65 Years
Purpose

(i) For Purchase of Indigenous / foreign makes car, Jeep / Multi Utility vehicle (MUV)
& Sports Utility Vehicle (SUV) etc.

(ii) For Purchase of Indigenous heavy vehicles

   
Loan Amount Ceiling Rs.75.00 Lacs
Analysis of loan As per bank policy/ Naik Committee
Requirement  
Margin of Borrower 15% of on road pro forma invoice of the vehicle.
Security The vehicle purchased with the mount of loan is to be hypothecated to the Bank. It will be
registered in    the name of the borrower & hypothecated in the name of the Bank.
Documentation required As per the requirement in the loan file check list