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 to 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 wheelers25%Loan upto Rs.1 croreLoan above Rs.1 croreSecond hand vehicles15%20%40%
Security
Hypothecation of the vehicle financed.
Rate of Interest
Floating rate of interest is linked to the MCLR & subject to annual reset.
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.