Vehicle loan

A Vehicle Loan is a loan that allows you to purchase two and four wheelers for personal use. Typically, the lender loans the money (making a direct payment to the dealer on the buyer's behalf) while the buyer must repay the loan in Equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate.

Applicant	Any Individual (Single/Jointly)/Firm/Legal Entity.
Purpose	For purchase of New/Old vehicle ( not more than 5 years old).
Loan Amount	70%
Rate Of Interest	Two Wheelers-15% and Four Wheelers-11.5%
Repayment	Two Wheelers-up to 36 Month and Four Wheelers-up to 60 Months
Security	Hypothecation of vehicle Two Guarantors. If loan amount is more than Rs.25 lac then immovable security need to be provided
Processing Fee	As per Bank Norms
Share Holding	As per Bank Norms
Documents	Duly filled Loan Application Form, Pro-forma Invoice of the Authorized Dealer and other documents.
Insurance	Insurance of Property Charged to the Bank.