(A Scheduled Bank Established by Government of India,
Sponsor Bank: Bank of Maharashtra)
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Vehical Loans
Home
| Personal Banking | Loans | Vehical Loans
Personal Vehicle Loan -
Adding wheels to your dream
Purpose
Eligibility
Limit & Margin
Security
Repayment
Interest Rates & Charges
Purpose
For purchase of all types of Cars, Jeeps, Small Vans, two wheelers, three wheelers etc.
Both brand new and pre-owned vehicles except two wheelers.
In the case of pre-owned vehicles, the age of the vehicles should not be more than 2 years.
Pre-owned Two Wheelers are not eligible under the scheme
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Eligibility
Individuals including NRIs/ Firms/ Companies, who are having sufficient income to meet the repayment commitments
Income of the spouse or children may also can be taken into account for calculating the eligible amount of loan
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Limit & Margin
New Vehicles
90% of the cost of vehicle.
Pre - owned Vehicles
70% of purchase consideration /insured value /value assessed by Automobile Engineer/ Insurance Surveyor, whichever is lower.
The vehicle considered for finance should be lien-free.
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Security
Upto 5 lakhs
Hypothecation of Vehicle
& Guarantee / Co obligation of a credit worthy person
Above 5 lakhs
Hypothecation of Vehicle
Equitable Mortgage of landed property of value not less than 150% of loan amount / Equivalent secuity of Approved securities.
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Repayment
Brand New Vehicle
Two Wheeler : Within 60 months in EMI
Four Wheeler : Within 84 months in EMI
Pre-owned Vehicle
To be repaid within a maximum period of 60 months or up to the appraised economic life of the vehicle as per the valuation cum road worthiness certificate, whichever is earlier
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Interest Rates & Charges
For Loan interest rates
click here
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