Untitled Document

Vehicle Loan Back

  • Two Wheeler
  • Four Wheeler
  • Commercial Vehicles Like Truck JCB etc
  • Used Vehicles
  • Eligibility
    • The applicant must have assured monthly income to repay the loan.
    • In case of taxi / auto rickshaw, permit from RTO
  • Documents Required
    • KYC Compliance
    • Quotation of Vehicle
    • Receipt of down payment (if any)
    • Income proof
    • Bank account statements
    • Agreement with seller, Insurance document & valuation (in case of used vehicle)
  • Extent of Loan
    • For New vehicles, for own personal use: Maximum 85% of the cost of the vehicle(Ex-Showroom + RTO + insurance)
    • Used vehicle (not more than three years old): Maximum 70% of the value of vehicle
  • Rate of Interest
  • Repayment Period
    • Two Wheeler: Maximum upto 36 Months
    • Four Wheeler:  Maximum upto 84 Months
    • Commercial Vehicles Like Truck JCB etc: Maximum upto 60 Months
    • Used Vehicles:Maximum upto 36 Months
  • Security to the loan
    • Hypothecation of vehicle purchased out of bank finance
  • Other Conditions
    • Processing / Scrutiny Charges : 1.15% of the loan amount or as per the sanctioned terms.
    • Share linking - Borrower will be required to purchase the shares of the Bank (as per sanction terms)
    • registration of charge with RTO with Bank Clause
    • Insurance of the vehicle with bank clause
    • Guarantee from one suitable guarantor having good means / net worth (guarantee from family members will also be accepted)
    • Insurance and other documentation charges
Other Loans facilities

172, Shraddhanand Peth,
South Ambazari Road,
Nagpur-440010
-------------------------------
TELEPHONE
0712 - 2221120, 2221686
-------------------------------
MOBILE
+91 9158884855,
+91 9158884844, +91 9158884845