Vehicle Loan

Purpose:

Sub product of Loan: The loan products can be categorized broadly into the following types.
Definitions of major loan schemes are as new vehicle, New Commercial vehicle, and two wheeler.

Eligibility:

Individuals who can qualify for vehicle loan are: Salaried, SEP – Self Employed Professional, SENP – Self Employed Non-Professional, Women, Private limited / Public limited companies/ proprietor/partnership firms. Exclusions – Share Broker, Speculative transactions.

Eligibility: Age 21 to 60 Years.

Loan Amount:
A. 80% of cost of Two wheeler.
B. 75% of cost of Four wheeler.
C. 75% of cost of Commercial Vehicle.
Period:
• Two Wheeler 36 Months
• Four Wheeler 84 Months.
• Commercial 60 to 84 Months.
-Security:

Hypothecation of the vehicle to be purchased.
Guarantor:

Guarantor or co-applicant may be insisted depending on the profile of the customer and product. CIBIL Report of all guarantors to be obtained.

Documents:

Vehicle Loan Form – Passport Size Photographs – KYC Documents: - Identity Proof, - Residence Proof, Leave & License Agreement (if the applicant is currently staying on rent) – Signature Proof – Employment Identity Card – Age Proof of Business/ profession- copy of Shop and Establishment Act Licenses, VAT/TIN/TAN/MST/CST no. / Goods and Service tax registration – Signature Proof – Age Proof – Copy of Degree Certificate in case of Professionals.