New Vehicle Loan Scheme

New Vehicle Loan Scheme

Beneficiery

Individual, Firm, HUF,Trust etc.

Purpose

Purchase of new  Vehicle. 

Loan Limit

Rs.15.00 Lakh or 4 times of annual income whicever is less.

Rate of interest

CIBIL Score 700 & above       7.99%
CIBIL Score less than 700      8.25%

Margin

80% of on road price of vehicle (inclusive of cost of insurance and registration charges if loan is upto Rs.6.00 Lakh), 75% of cost of vehicle if loan is above Rs. 10.00 Lakh.

Repayment

Max. 8 yrs.

Collateral security

Insurance and Hypothecation of Vehicle

Processing Fee

1% of sanctioned loan (one time Min Rs.500 & max Rs.5000) + GST