Vehicle loan

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.