PURPOSE
  • For purchase of a new vehicle.
  • For purchase of 2nd hand vehicle not more than 5 years old.
LOAN AMOUNT:
  • 80% of the Vehicle Cost in case of New Vehicle
  • 60% of the Vehicle Cost in case of Old Vehicle
CEILING ON LOAN AMOUNT:

Loan amount depends on an adequate monthly net disposable income.

RATE OF INTEREST:

As Applicable

SECURITY:
  • Chattel mortgage of the vehicle to be purchased.
  • Personal guarantee of one or more persons with an aggregate net worth twice the loan amount.
REPAYMENT SCHEDULE:
  • The maximum repayment period is 36 months
  • Repayment facility available under Equated Monthly Installments (EMI)
MORATORIUM:

NIL

PROCESSING CHARGE:

As per card rate.