Objective
To offer hassle free vehicle loan to existing Home Loan Borrowers.
Purpose
Purchase of car/ two wheeler for personal use.
Eligibility
All existing home loan borrower accounts where the loan has run for minimum 3 years (excluding moratorium period) without a single default in EMI.
Age of Applicant
Same as in Vehicle loan scheme.
Loan Amount
- 90% of On road price of Car/ two wheeler
- Maximum Rs. 10 lacs
Special Features
No pre-sanction/ Fresh Income proof required
Repayment Period
- Four Wheelers : 100 months
- Two Wheelers. : 84 month
Other Points
| Process fee | Flat Rs.1000/- exclusive of taxes. |
| Security | Hypothecation of vehicle to be purchased. |
| Documentation | As per existing Car Loan Scheme. |
| CIBIL | Fresh CIBIL to be generated |
| Prepayment Charges | NIL |
| Penal Interest | 2% p.a. on overdue amount. |
| Insurance | Vehicle to be comprehensively insured and cost to be borne by the borrower. |