Planning to buy a new car, commercial vehicles, or vehicles for agrarian puposes! We offer loans for one and all. At minimal interest rates, and no hidden charges, these are very attractive.
*All loans are subject to the discretion of the bank and subject to such conditions as may be stipulated by the Bank. Interest rates are subject to change without notice
1) Purpose :
- Purchase of new vehicles
- Takeover of Existing Vehicle loans
- Reimbursement of Purchase Cost is restricted to within Three months from date of purchase
- For purchase of second hand vehicle
2) Type: Broadly Classified in to 6 by focussing on target Customers.
- Mobi Loan (Salaried Class) - Employees of MNCs, State/Central Govt, IT Companies etc
- Mobi Loan (Business Class) - Self Employed, Business people
- Mobi Loan (Next Generation) - Professionals with net monthly income of Rs 60000/-
- Mobi Loan (NRI) - NRI individual/jointly with NRI or resident spouse.
- Mobi Loan (Agriculturist) - Persons whose main source of income is Agriculture.
- Mobi Loan (Senior Citizen/Pensioner) - Pensioners/HNIs without pension
3) General Terms
|Type of Vehicle
||Private, Commercial/Taxi vehicle Vehicles for Agriculture/allied purposes
| Cost of Vehicle
|| Basic Cost + accessories + Duties +Taxes + Octroi + Onetime tax +Comprehensive insurance premium for the first year period
| Repayment period
|| Maximum 5 Years and (7 years with 100% Collatteral Security)
Age of the borrower should not exceed 75 years, on completion of the loan term
| Rate of Interest
|| BR ( presently 10.50%)
|| 5% to 15% ( 25% for Second hand vehicles)
| Loan amount
|| Minimum loan amount – Rs 2.00 lacs for four wheelers and Rs.50,000/- for Two wheelers . No upper ceiling
|| Collateral - Deposit/Property/Gold/LIC/NSC
- • Where there is no collateral security, Aggregate Net worth of the signatories to the loan documents (in land & building) should be twice the loan amount.
- • If married, spouse to join the documents as co-borrower.
| Inspection & Documentation Charges
| Upfront charges
|| 0.25% of the loan amount (one-time) or Rs.5000/-whichever is less
| Pre payment penalty