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Vehicle Loan

VEHICLE LOAN
Vehicle Loans 

1. For purchase of New Two Wheeler/Four Wheeler/ (for own use)

 

2. Vehicle from Authorized Dealers only

 

3.Existing/New Borrowers – all eligible For 3 years Old Vehicle (Second Hand) Only Four Wheeler.
Maximum Amount of Loan   Rs.50.00 Lakh
 Margin ( On Road Price – excluding Accessories)

1. If CIBIL Score is 750 & above Margin 5% 

 

2. If CIBIL Score is 700 to 749 Margin 10% 

 

3. If CIBIL Score is below 700 Margin 20%
 Eligibility  Salaried persons with one year confirmed service /Other than salaried having regular source of income ( previous 2 Years ITR filed regularly)
 CIBIL

 CIBIL Linked ROI/Margin & Guarantors For 3 Yr Old Vehicle CIBIL 700+ Must
 Maximum Repayment period  Two Wheeler – Maximum 36/48/60 Months Four Wheeler/Cars/Other Vehicle– Maximum 36/48/60 months
 Rate of Interest

 a) CIBIL Score 750 & above ROI- Men 8.75% , Women 8.50%.

     CIBIL Score 700 to 749 ROI- Men 9.50% , Women 9%

     CIBIL Score below 700 ROI- Men 10.50%, Women 10%

 

 b) Commercial Use

     CIBIL Score is 750 & above ROI- 11%

     CIBIL Score is less than 750 ROI- 11.50%         
 Processing

If CIBIL Score is 750 & above – No Processing Charges 

 

If CIBIL Score is 700 to 749 – 0.50% Processing Charges 

 

If CIBIL Score is below 700 Processing 1% Processing Charges

Valuation 30% Margin for 3 yr Old Vehicle – 1% Processing Charges
 Existing terms and conditions as per Bank policy  All other terms and conditions will continue as per Bank policy in place – As Applicable