Vehicle Loan Back

Two Wheeler
Four Wheeler
Commercial Vehicles Like Truck JCB etc
Used Vehicles

Eligibility

The applicant must have assured monthly income to repay the loan.
In case of taxi / auto rickshaw, permit from RTO

Documents Required

KYC Compliance
Quotation of Vehicle
Receipt of down payment (if any)
Income proof
Bank account statements
Agreement with seller, Insurance document & valuation (in case of used vehicle)

Extent of Loan

For New vehicles, for own personal use: Maximum 85% of the cost of the vehicle(Ex-Showroom + RTO + insurance)
Used vehicle (not more than three years old): Maximum 70% of the value of vehicle

Rate of Interest

As per Bank’s Loan policy from time to time. click here for rate of interest

Repayment Period

Two Wheeler: Maximum upto 36 Months
Four Wheeler: Maximum upto 84 Months
Commercial Vehicles Like Truck JCB etc: Maximum upto 60 Months
Used Vehicles:Maximum upto 36 Months

Security to the loan

Hypothecation of vehicle purchased out of bank finance

Other Conditions

Processing / Scrutiny Charges : 1.15% of the loan amount or as per the sanctioned terms.
Share linking - Borrower will be required to purchase the shares of the Bank (as per sanction terms)
registration of charge with RTO with Bank Clause
Insurance of the vehicle with bank clause
Guarantee from one suitable guarantor having good means / net worth (guarantee from family members will also be accepted)
Insurance and other documentation charges

Apply Online
Click here EMI Calculator
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Head Office

172, Shraddhanand Peth,
South Ambazari Road,
Nagpur-440010
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0712 - 2221120, 2221686
+91 9158884855,
+91 9158884844, +91 9158884845
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