Purpose :

Purchase of new or used vehicles, Private or commercial vehicles.

Loan Amount :

  • 75% of cost of vehicle in case of new vehicles.
  • 225% of cost of vehicle in case of used or old vehicles ( Age of Vehicle should be not more than 5 years).
Calculate Your EMI
Loan Amount($)
Interest(%)
Years To Repay
loading
Results
Monthly Payment
Total Payment
Total Interest

Approax Result

Rate Of Interest / EMI :

Card Rates applicable (p.a.), Interest will be applied monthly basis on outstanding amount. EMI Starts at Rs. 2125* per month & it is up to RS. 3400* per month. Depending on your tenure.

Period :

  • Maximum period for repayment is 60 months for new Vehicles.
  • Maximum period for repayment is 36 months for a used or old vehicle.

Security :

Bank will create the first charge on assets created out of a loan. "In Addition to the above Security; Bank will ask for collateral security of 100% of Sanction Amount. (In case of four-wheeler)."

Guarantor :

  • Maximum One Guarantor will be required forTwo Wheeler Loan upto Rs.1.00 lakh.
  • Minimum Two Guarantors required in other vehicle loans.

Documents :

  • Applicant - Photo, Photo ID, Residence proof, Income Proof such as Last 3 months Salary slip or Last Three years Balance Sheet and Tax Returns, Quotation of a vehicle in case of new vehicle, Agreement to sale in case old vehicle, etc.
  • Guarantor - Photo, Photo ID, Residence proof, Income Proof