• No upper limit in loan quantum.
  • Upto 90% financing for new vehicle.
  • Minimal processing charges.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No pre-payment penalty.
  • Quick loan approval & disbursement.
  • Avail Loan to buy Pre-Owned Vehicle.
  • Financing of 2nd & subsequent vehicle purchases.
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.

For Corporates Loan can also be availed by Companies / Firms for professional use i.e. purchase of vehicle for usage by their Directors / employees.
  • No upper Limit.
  • For Pre owned cars max Rs.50 Lakh (subject to required margin norms).
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 01.07.2024 to 31.07.2024.
Repayment Tenure

Maximum period:
84 months for new vehicles.
60 months for Preowned vehicles.

  • Margin for new vehicle
  • 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%).
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.
  • All the individual borrowers/professionals/reputed firms/companies.
  • Individuals
    • Salaried Individuals Minimum gross salary of Rs 3.00 Lakh p.a.
    • Other than Salaried Individuals Minimum gross annual income of Rs.3.00 Lakh p.a. as per latest ITR/ITAO subject to 3 years Gross Average Annual Income of not less than Rs. 2.50 Lakh.
  • Corporates

    With subject to the satisfactory credit worthiness in respect of firms/companies by their net worth, repaying capacity, etc.

  • Stipulated Loan Application with 2 passport size photos of applicant / Co-applicant or guarantor.
  • KYC documents of applicant/Co-applicant or guarantor.
  • Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
  • In case of salaried persons : Latest 6 months’ salary slips (including Co-applicants) and Form No.16 & ITR if any. supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns & in case of NRI copy of work permit.
  • In case of self-employed persons : IT Returns filed for the past three assessment years along with Balancing sheet/Profit & Loss accounts if any.
  • Quotation of Vehicle from Authorized Dealer.
  • Valuation Report of Automobile engineer in respect of use vehicles (if applicable).
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Last updated on 25-09-2023 12:06 AM

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