Vehicle Loan

Title Norms
Purpose For purchase of new car
Eligibility Salaried persons / Businessman / Commercial organizations
Repayment Period Max 5 years.
Rate of Interest
For Private use : 11.50%
For Commercial use : 13%
Shareholding 2.50% of the Loan amount
Security Hypothecation of vehicle to be purchased
Processing fees As per rule.
Documentation 1. Duly filled prescribed application form
2. Latest photograph,Identity and residence proof of the Applicant and Guarantor(if any)
3. Income documents a) or b) as applicable
a) In case of salaried person, salary slip for last 3 months and bank statement for last 6 months, ITR of the past 3 years.
b) In case of businessman, last 2 years profit & loss & ITR copies, balance sheet and bank statement of business account for last 6 months.
4. Proforma Invoice