Smooth Loans for a Smoother Ride

URBAN VEHICLE LOAN-I
Scheme I (For customers who currently have a mortgage loan with the bank) VEHICLE LOAN [For Purchase of New 4 wheeler- Petrol/Diesel/Electric Vehicles]
Eligibility
  • Customers with an existing housing loan/mortgage loan from the bank, who have a good repayment track record and no overdue payments, are eligible for an additional loan of up to 90% of the on-road price of the vehicle.
  • Loan is sanctioned only for the purchase of new vehicles.
  • The amount sanctioned should not exceed 80% of the value of the mortgaged property or a maximum of ₹20 lakh, whichever is lower.
  • Repayment capacity criteria: The total deductions, including the proposed vehicle loan EMI, should not exceed 65% of the applicant’s monthly income.
Repayment Period
  • Maximum repayment period: 84 months
Rate of Interest
  • 9.75 %
Security
  • The vehicle must be hypothecated in favour of the bank.
  • Bank’s lien must be recorded in the RC book and the insurance policy.
  • Additional mortgage: The title deeds of the mortgaged property will be released only after full repayment of the vehicle loan.
Guarantor
  • One family member as guarantor.
Share Linkage
  • 1% of the loan amount
Processing Charge
  • 0.5% of the loan amount (Maximum ₹5,000/-)

URBAN VEHICLE LOAN - II

Scheme II [For Professionals, Salaried Class,Co-Op Employees ] VEHICLE LOAN [For Purchase of New 4 wheeler- Petrol/Diesel/Electric Vehicles]
Eligibility
  • Professionals such as Doctors, Engineers, Chartered Accountants.
  • Permanent salaried employees receiving salary through bank account – in Government departments, Co-operative sector, societies, banks, hospitals, and similar institutions.
  • Loan amount: Up to 90% of the on-road price, maximum ₹20 lakh.
  • Loan is sanctioned only for the purchase of new vehicles.
  • Age limit: 18 to 70 years.
  • Repayment capacity criteria: The total deductions, including the proposed vehicle loan EMI, should not exceed 65% of the applicant’s monthly income.
Repayment Period
  • Maximum repayment period: 84 months
Rate of Interest
  • 9.75 %
Security
  • The vehicle must be hypothecated in favour of the bank.
  • Bank’s lien must be recorded in the RC book and the insurance policy.
Guarantor
  • One family member as guarantor, with proof of financial capacity.
Share Linkage
  • 1% of the loan amount
Processing Charge
  • 0.5% of the loan amount (Maximum ₹5,000/-)

URBAN VEHICLE LOAN - III

Scheme II [For Deposit Customer Vehicle - Loan Against Fixed Deposit.] VEHICLE LOAN [For Purchase of New 4 wheeler- Petrol/Diesel/Electric Vehicles]
Eligibility
  • Loan sanctioned against pledge of fixed deposit.
  • Available to ‘A’ Class members of the bank.
  • If the fixed deposit matures before the end of the loan tenure, it must be renewed.
  • Loan amount: Up to 125% of the fixed deposit value; maximum loan up to 90% of the on-road price, subject to a cap of ₹20 lakh.
  • Loan can also be availed against third-party fixed deposits, but in such cases the maximum loan will be 100% of the deposit value.
  • Loan is sanctioned only for the purchase of new vehicles.
Repayment Period
  • Maximum repayment period: 84 months
Rate of Interest
  • 9.75 %
Security
  • The vehicle must be hypothecated in favour of the bank.
  • Bank’s lien must be recorded in the RC book and the insurance policy.
  • A lien will also be marked on the fixed deposit until loan closure.
  • Fixed deposits with monthly/quarterly/half-yearly/yearly interest payouts can continue as per existing terms. However, in case of loan default, the depositor must provide written consent allowing the bank to adjust deposit interest towards loan repayment.
Guarantor
  • No guarantor required.
  • 1% of the loan amount (Maximum ₹5,000/-)
Processing Charge
  • Nill