Vehicle Loan

Purpose of Loan:

Purchase of new Vehicle / second hand vehicle not older than 2  years from the date of its registration.

Eligibilty:

A Class members & E class associate members having  A) Salaried individual with confirmed service   B) Business having an established Artisan   C) An individual who is an income tax assessee.

Limit per Borrower:

Up to 80% of on road price. (including cost of vehicle + Road tax + Insurance + Registration charges, subject to a maximum of Rs.10 Lakhs for new vehicle).

Repayment Period:     

Minimum 3years, Maximum 6years  (According to sanctioned amount as per slab)

Rate of Interest:

10.50%  (With effect from:12-04-2024)

Primary Security:

Hypothecation of vehicle to be purchased.

Shareholding:

2.50% of sanctioned Loan Amount

Guarantors:   

One guarantor  (having good financial standing)