For Individuals |
Loan can be availed by individuals for personal use:
- Purchase of Brand New 4-Wheeler including Jeep, Vans-Both.
- Purchase of Pre-Owned 4-Wheeler, not older than 3 years.
- Purchase of New Electrical 4-Wheeler.
Individuals may apply singly or jointly with other eligible individuals.
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For Corporates |
Loan can also be availed by Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees. |
Quantum |
- No upper Limit.
- For Pre owned cars max Rs.50 Lakh (subject to required margin norms).
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Processing charges |
- 0.25% on the loan amount with a minimum of Rs.1000/-+GST and maximum of Rs.5000/-+GST
- Bank is celebrating Retail Loan Festival and waiver of 50% processing charges from 01.04.2025 to 30.06.2025.
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Repayment Tenure |
Maximum period: 84 months for new vehicles.
60 months for Preowned vehicles.
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Margin |
Loan Amount
Margin for Central/State Govt/Autonomous bodies/PSU Emp.
All other customer
Up to Rs.10.00 Lakh
10%
10%
Above Rs.10.00 Lakh and up to Rs.25.00 Lakh
10%
15%
Above Rs.25.00 Lakh
20%
20%
*Accessories can be financed limited up to Rs. 25,000/- amount.
- Margin for Pre-owned vehicle: Maximum loan quantum of Rs.50.00 lakh (after maintaining a minimum margin of 50%).
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Used Cars |
We also finance used cars (not older than 3 years) at the same low interest rates. We finance 60% of the agreed price or 60% of the value of the car or 60% of the original value of the vehicle, as assessed by an automobile engineer or Rs. 50.00 Lakh whichever is lower. |