CORP VEHICLE SCHEME [ Vehicle Loan]

• 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 wheelersOther than 2 & 3 wheelers25%Loan upto Rs.1 croreLoan above Rs.1 croreSecond hand vehicles15%20%40%

• Hypothecation of the vehicle financed.

• Floating rate of interest is linked to the MCLR & subject to annual reset.

For Interest Rates,Please click here.

-NIL-

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.