Vehicle Loan

Vehicle Loan 


A Vehicle Loan is a loan that allows you to purchase two and four wheelers for personal use. Typically, the lender loans the money (making a direct payment to the dealer on the buyer's behalf) while the buyer must repay the loan in Equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate.


Applicant Any Individual (Single/Jointly)/Firm/Legal Entity.
Purpose  For purchase of New/old vehicle ( not more than 5 years old).
Loan Amount  70%
Rate Of Intrest  Rate of :13 %
Repayment  24 Month.
Security Hypothecation of vehicle Two Guarantors. If loan amount is more than Rs.25 lac then immovable security need to be provided
Processing Fee 0.5% + (GST) of the loan amount
Share Holding 2.5% Of The Loan Amount
Documents Duly filled Loan Application Form Pro-forma Invoice of the Authorized Dealer For other documents.
Insurance Insurance Of Property Charged To The Bank .


Loan File Documents As Follows :


New Member Form :
  • Pan Card , Ration Card/Latest Light Bill, Index 2 Xerox , 2 Photo
  • Affidavit
  • Loan Demand Form
  • Nominal Member Form


Loan Document  Co Borrower Document  Guarantor No 1  Guarantor No 2
  • Pan Card , Ration Card
  • Latest Light Bill, Index 2 Xerox
  • Photo 1 , 3 Month Salary Slip And 10 Cheque
  • Shop Act License, Income Tax Returns Last 3 Years , Bank Statement ,Permanent Certificate