Vehicle Loan-VHL

Eligible category of borrowers

  • Regular members of our bank only

Line of activity

  • Persons engaged in business/professional services having good turnover/income.

Quantum of loan

  • As mentioned in Interest chart

Repayment

  • Monthly Installment + Interest

Rate of Interest

  • As mentioned in Interest chart (Subject to changes / revision from time to time)

Purpose

  • Purchase of Vehicle

Security

  • Hypothecation of Vehicle to be purchased

Shares

  • As applicable

Sureties

  • 2 sureties who are necessarily to be Regular members / Nominal members of the bank. Spouse should become one of the sureties.

Other charges

  • As applicable to other loans

Documents Required

  • Specified loan application.
  • Guarantor’s declaration form.
  • Address and income proof of both borrower & sureties.
  • Audited Financial statements, whenever necessary to be provided.
  • All original property documents.
  • Hypothecation agreement as applicable
  • Any other letter/document related to the vehicle/activity/purpose as the case may be.
  • Duplicate Key / RC book copy / Insurance of vehicle is to be provided.

For more details / clarification please contact your nearest branch.

Vehicle Loan-VHL
AMOUNT ROI
2 Wheelers Up to Rs. 1 Lakh 11.00%
3 Wheelers Up to Rs. 1.5 Lakhs 12.00%
4 Wheelers Up to Rs. 25.00 Lakhs 12.50%
For Co., Up to Rs. 25.00 Lakhs 12.00%

 

Note : Apart from Hypothecation of vehicle parties have to provide collateral security of landed property for availing Heavy Transport Vehicle Loan facility.