Explore our Vehicle Loan Product. Information provided below is subject to change at the discretion of the Management from time to time. Re-visit to get up-to-date information.
CUSTOMER SEGMENT
NEW AND USED VEHICLES ( PRIVATE AND COMMERCIAL )
2 Wheeler, 3W, 4W, & above, Earth movers and Tractors
Tenure
| – Loans between Rs.50,000/- TO – Rs.10.00 Lacs – For New vehicles Up to 10 lacs Tenure Maximum 5Years | |
| – Loans over Rs.10.00 Lacs – additional collateral is required | |
| Note: Used Vehicles tenure 4 years Maximum |
Rate of Interest (ROI)
| – Board approved pricing policy | |
| – The rate of interest will be 12-18% p.a (FLAT) |
Loan Types and purpose
New Vehicles
| – Funding Ex-Showroom 85%private vehicles | |
| – Funding Ex-Showroom 75% Commercial vehicles |
Used Vehicles
| – Funding on Vehicle Market valuation, 65% Maximum for Commercial vehicles | |
| – Funding on Vehicle Market valuation, 75% Maximum Private vehicles |
Eligibility Criteria
Constitution
| – Individuals | |
| – Proprietorships | |
| – One person companies |
Borrower's Age
| – Minimum 19 Years at the time of loan application | |
| – Maximum 60 years at the end of the loan tenure (Last EMI Date) |
Co-Borrower's Age
| – Minimum 19 Years at the time of loan application | |
| – Maximum 60 years at the end of the loan tenure (Last EMI Date) |
Co-Borrower's Inclusion
| – The Spouse /Female relative of the ‘Applicant’ will be taken as the ‘Co-Applicant’ | |
| – In case the Applicant is single, Parent/Son/Daughter/Brother/Sister staying in the same house can be taken ‘Co-Applicant’ |
Disbursement and Repayment
Criteria
| Mode of loan disbursement | – Cashless (NEFT/RTGS) |
| – Disbursed to customer’s Savings/Current account directly. In case of Joint account, all account holder’s should be applicants/co-applicants. |
Security Documents:
| -Hypothecation on our company in Regional Transport Office, Original RC card, B-extract, Duplicate Key, Comprehensive Insurance, Pollution, Fitness | |
| Below listed documents are applicable for loan amount – Rs.10.00 lacs above | |
| – Original property documents including Sale Deed/Title Deed/ROR. | |
| – Katha, Encumbrance Certificate, Property Tax Receipt, Legal approval , Field survey Investigation, guarantee by 2 persons with security cheques. | |
| – Any other documents required by the panel lawyer. |
Mortgage Registration:
| – A charge on the property has to be created in the Sub-Registrar office, the expenses pertaining to this, has to be borne by the borrower. | |
| – In favor of the company |
Legal & Technical:
The Property documents to be submitted will be vetted by the Panel Lawyer appointed by the Company. (in respect of Mortgage Loans or Collateralized Vehicle Loans). On legal clearance, the required property documents and the Plan copy (in cases where both land and building are to be mortgaged) will be forwarded to the Panel Valuer (appointed by the Company) for technical clearance. Loan sanction will be considered only on receipt of satisfactory legal and valuation reports.