| Eligibility |
- Salaried Individuals in permanent employment
- Professionals & self-employed persons
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| Sanction Limit |
- 85% of the on road cost as per Proforma Invoice of the vehicle
- 50% of approved valuer’s value of 2nd hand vehicle
- Repayable on an EMI Basis
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|
| Repayment
period |
- New Vehicle - 4 years to 5 years
(depending on loan amount)
- Old Vehicle - 3 years
- No pre-payment penalty
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|
| Rate of interest |
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| Security |
- Hypothecation of vehicle purchased
- Minimum One Guarantor
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| Documents
Required |
- Proof of Residence - Aadhar Card Card/Driving license/ Passport/ Electricity Bill/ Telephone Bill
- Proof of Income - Latest Salary Slip or last 3 years Balance Sheet or Income Tax Returns
- Proforma invoice (for new vehicle)
- Valuation Certificate from Bank's approved valuer (for 2nd hand vehicle)
- Comprehensive Insurance with Bank clause
- Bank’s charge to be registered with RTO
- Blank Transfer Forms
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