Available for purchase of New car / Van / Jeep /Multi utility vehicle / Sports Utility Vehicle.
For Private use: Individuals as well as Business Concerns (Corporate or non-corporate).
Amount of Loan.
Amount of Finance
|New Vehicles||Second hand Vehicles|
|Cars, taxis etc.||30%||30%|
|Electric Vehicles||70 %||30%|
Rate of Interest.
|For Salaried Based Government Employees, where check of facility available||9.75 %|
|Private and other Non-commercial||10.25 %|
Maximum period 5 years and for Electric Vehicles is 7 years
The vehicle purchased with the amount of loan is to be hypothecated to the Bank. It will be registered in the name of the borrower jointly with the Bank.
The intending borrower will be required to settle the transaction for purchase of vehicle needed by him/her with the seller and will be required to deposit the difference of the cost of the vehicle to amount of loan, and thereafter, the advance will be allowed to him/her from the bank by paying the entire price of the vehicle to the seller directly, on behalf of the borrower
For more details and other formalities contact nearest branch head.