Auto Loan
Purpose Financing on vehicle for personal use.
Financing Ratio: Maximum 90% of the value of the vehicle.
Nature Non-revolving & non-renewable.
Disbursement Full amount after taking charge on vehicle and obtaining insurance policy, for releasing payment to the vendor.
Principal Repayment On equated monthly installment basis (EMI).
Interest Repayment: On quarterly basis or on installment payment date.
Security: Charge on the financed vehicle by taking titleship on bank’s name.
Tenure: Maximum 8 years

 

Required Documents:

  1. Loan Application
  2. Monthly income supporting document
  3. Vehicle Invoice
  4. In case of business Vehicle, Route permit
  5. Citizenship of borrower
  6. Family details of borrower
  7. Other documents based on requirement

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