Corp Vehicle Scheme

Eligibility

  • Individuals, Professionals/ Businessmen/ Salaried class & Others, NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies/Trusts/Institutions are eligible.
  • Spouse/Close relative may join to supplement repayment capacity
  • In case of Company/Firm/Trust, Directors/Partners/Trustees having regular/ independent income may join as co-applicant/s to supplement repayment capacity.
  • In case of salaried class, applicant/co applicant shall be confirmed in the service.

Project Cost

  • Cost of the vehicle is inclusive of Accessories/ Registration/Road tax/Insurance /Body building charges etc., for new vehicles.

Purpose

  • For purchase of 2/3/4 wheelers/heavy Road/ water transport vehicles /for Personal/ Transport/ Business/Commercial purpose.
  • Loan for second hand vehicle not older than 3 years from the date of registration.
  • However, Second hand two wheeler & three wheeler will not be financed.

Loan Amount

  • Two Wheeler : Rs.1 lakh per vehicle.
  • Three Wheeler: Rs.2 lakhs per vehicle
  • Four Wheeler: Rs.1 crore per vehicle.
  • Heavy Vehicle/Water Transport Vehicle : Rs.5 crore per vehicle.

Margin

Two wheelers and Three wheelersOther than 2 & 3 wheelers
25%Loan upto Rs.1 croreLoan above Rs.1 croreSecond hand vehicles
15%20%40%

Security

  • Hypothecation of the vehicle financed.

Rate of Interest

  • Floating rate of interest is linked to the MCLR & subject to revision from time to time.

For Interest Rates,Please click here.

Processing Charges

For Processing Charges - Click Here

Prepayment Charges

-NIL-

Repayment

For two wheelers For three wheelers For other than two & three wheelers 
Max. 36 months Max. 60 months Max. 84 months 
  • Salaried Class : Repayment period shall not exceed retirement age of the borrower/s 
  • Other than salaried class including transport operators : Repayment period shall not exceed 70 years of age of the borrower/s unless the co-applicant has independent income to service the loan.