VEHICLE LOAN

 

Own and Ride your dream car. We finance two-wheeler / four wheeler with easy terms.

 

Eligibility

:

Salaried individuals with permanent employment.

Professionals & Self-employed persons.

Loan Amount

:

90% of the value of new vehicle.

60% of approved valuer’s value on 2nd hand vehicle.

Repayment period

:

Maximum 60 months for new vehicles

Maximum 36 months for 2nd hand vehicles.

Rate of Interest

:

New Vehicle – 12.50% p.a.

2nd Vehicle – 15.50% p.a.

Calculated on the daily reduced balance of the loan.

Security

:

Hypothecation of vehicle purchased.

Two guarantors acceptable to the Bank.

Documents required

:

Proof of residence – Electricity bill / Telephone bill / PassportPort copy

Proof of ID     - Pancard copy / Driving License.                      Proof of income – Salary Slip / last 3 years Balance sheet / IT Returns.

Proforma invoice (for new vehicle)  

Valuation report from Bank’s approved valuer (for 2ndHand vehicle)

Bank Statement for last 6 months.                                Comprehensive insurance with Bank’s clause                           Bank’s charge to be registered with RTO

Blank Transfer Forms.

 

 

 

 *Conditions apply

 

** Subject to change

 

Administrative Office

501, Central Plaza, 166 C S T Road, Kalina, Santacruz (East), Mumbai 400 098.

Tel No: 26656076 / 77 / 78 Tele Fax: 26656079

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