Corp Vehicle Scheme
- 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.
Cost of the vehicle is inclusive of Accessories/ Registration/Road tax/Insurance /Body building charges etc., for new vehicles.
- 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.
- 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.
|Two wheelers and Three wheelers||Other than 2 & 3 wheelers|
|25%||Loan upto Rs.1 crore||Loan above Rs.1 crore||Second hand vehicles|
Hypothecation of the vehicle financed.
Rate of Interest
|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.