• Planning to buy a new car, commercial vehicles, or vehicles for agrarian purposes? 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.
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
Type:  Broadly Classified in to 6 by focusing on target Customers.
  • Mobi Loan (Salaried Class) - Employees of MNCs, State/Central Govt, IT Companies etc
  • Mobi Loan (Business Class) - Self Employed/ Business people/ Proprietary/Partnership firms/Institutions including charitable / Trusts.
  • Mobi Loan (Next Generation) - Professionals with net monthly income of Rs 60000/-
  • Mobi Loan (NRIs) - NRI individual/jointly with NRI or resident spouse, close relatives.
  • Mobi Loan (Agriculturist) - Persons whose main source of income is Agriculture (excluding NRI's) & Plantations registered as companies, trusts, societies etc. Dealers/ sellers of fertilizers, pesticides, seeds, cattle feed, poultry feed, agricultural implements and other inputs.
  • Mobi Loan (Senior Citizen/Pensioner) - Senior Citizen/ Pensioner/ jointly with spouse drawing pension income from State/ Central government or reputed institutions.
General Terms  
Type of Vehicle
Private Commercial/Taxi vehicle Vehicles for  Agriculture/allied purposes
 Target Customers
  • Salaried/ Business/ Next Gen/ NRI’s/ Senior Citizens & pensioners
  • Salaried/Business/ Next Gen/NRI’s/ Senior Citizens &   pensioners Institutions, transport operators and commercial services/ companies
  • Agriculturists
Description
  • Vehicle can be registered in Individual name.
  • Vehicle can be registered in the official capacity of the Partner/Director/Office bearer of the Firm/ Company/ Institution, provided that supporting documents acceptable to the registration authority (RTO) shall be submitted in time.
  • Vehicle to be registered as commercial. Commercial viability to be assessed based on the income generated from the operation of vehicle or from their own income sources. 
  • Vehicles such as Tractors with or without accessories including trailer, goods autos, jeeps, pick –up vans/ trucks, Multi Utility Vehicles, SUV, LUV, Earth Moving Vehicles (JCB) etc used for agricultural or allied activities.
 Cost of Vehicle
  • Basic Cost + accessories + Duties +Taxes + Octroi + Onetime Road tax +Comprehensive insurance premium for the first year
  • Basic cost (including body building & associated expenses for statutory clearances) +accessories+ duties + taxes + octroi + one time road tax +comprehensive Insurance premium for first year
  • Basic cost +accessories+ duties + taxes + octroi + one time road tax +comprehensive Insurance premium for first year
Repayment period
  •  For 100% collateral 7 years and without collateral 5 years subject to borrower age of 75 years.
 Rate of Interest
  Click here to view the latest Interest Rates
 Margin
  •  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
  •  Collateral - Deposit/Property/Gold/LIC/NSC
Guarantor
  • Except where there is 100% collateral security cover, there should be at least one additional signatory to the document by way of guarantor/ co-borrower/ joint borrower. The aggregate Net Worth of all signatories in land and building should not be less than twice the loan amount.
  •  Where the collateral is less than 100% and Aggregate Net Worth in Land and Building of borrower / co-borrower/ joint borrower is less than twice the value of loan amount, then guarantors to the loan documents having Aggregate Net Worth twice the value of loan amount in Land and Building should be insisted.
 Inspection & Documentation Charges  NIL
 Upfront charges  0.25% of the loan amount (one-time) or Rs.5000/-whichever is less
 Pre payment penalty  NIL
*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 The scheme details are furnished in brief only. For more details please contact any of the branches near you. Click here for Branch Network