Vehicle Loan


  • Only Individuals are eligible under the scheme.
  • Applicant must be fully compliant KYC customer with Aadhar No., PAN Card, Mobile number seeded to Cust Id and with cheque book facility & photo.
  • Proponent should be permanent employee in Govt/semi govt/PSU/Reputed public or pvt sector co. [OR]
  • Established in business/trade/profession for at least three years [OR]
  • Agriculturist owning land(Loan to farmers for Vehicles should be discouraged and considered very sparingly in case of only highly creditworthy persons)
  • Purpose

  • Purchase of new car/four wheeler
  • Purchase of new two wheeler
  • Purchase of second hand car/four wheeler (with conditions mentioned below)
  • Non Priority Sector (NPS)
  • Income criteria

  • Minimum monthly take away salary/income after all deductions including proposed EMI should be Rs.3500/-.
  • All deductions including proposed EMI should be less than 65% of gross income.
  • Income of the spouse can be clubbed together.
  • Income proofs

    For salaried persons-

  • Salary certificate in prescribed format.
  • ITR return/Form No. 16 copies of last three years.
  • Statement of account where salary is credited for preceding one year.
  • For businessman/professional

  • ITR returns copies for preceding three years
  • Balance sheet/Profit & Loss statement for preceding three years. (If limit is more than Rs. 10.00 Audited statements required).
  • ln case of small businessmen, persons engaged in retail trade & self-professionals etc. copy of self-certified financial statements viz. Balance sheet & profit & Loss statement to be obtained if income tax returns are not available.in such cases Branch Manager should satisfy himself about the income flow of proponent on the basis of SB/CD account maintained by proponent with our/other Bank. (For purchase of two wheeler maximum amount that can be financed per borrower is Rs.60,000/- ln above cases the maximum repayment period is 60 months)
  • For agriculturists

  • 7/12 & 8-A extracts in own name.
  • Income certificate from Tahasildar
  • Affidavit about income.
  • Statement of account where agri income is credited.
  • Quantum of Finance

  • For two wheelers- UptoRs. 1,50,000/-
  • For Car/Four wheelers- UptoRs. 20,00,000/-
  • Margin

  • For New vehicles- 10% on ex-show room price i.e. excluding Insurance charges, RTO charges and Accessories.Under current Festival Offer 5% on ex-show room price i.e. excluding Insurance charges, RTO charges and Accessories
  • For second hand cars/four wheelers- 35% (on minimum of three values i.e. value quoted by vendor, present depreciated value @15% WDV or valuation certificate value)
  • Security

  • Hypothecation of vehicle as principal security.
  • Bank’s Charge should be noted on RC book of the vehicle.
  • Third party guarantee for limits above Rs.50,000/-. Net worth of guarantor should be at least equal to loan limit.
  • Collateral security if stipulated.
  • Insurance of vehicle with Bank Clause is must.
  • Repayment terms

  • Repayment by Equated Monthly Instalment only. No quarterly/half yearly/yearly methods allowed.
  • EMI should start from next month after disbursement.
  • Maximum repayment period – 84 months.
  • In case of second hand vehicles- Maximum 60 months.
  • EMI should be rounded off to next Rs.10/-