How much interest will be levied on Cent Vehicle Loan availed to purchase a two wheeler?
A 8.80% interest rate will be applicable for two wheeler loans either at Floating rate or Fixed rate. However, the repayment period for fixed rate loans is only 36 months.
Do I have to provide any security or collateral to be eligible to avail the loan?
Yes, a security in the form of hypothecation of vehicle purchased is necessary to avail the loan. The hypothecation charge should be registered with Regional Transport Office Authorities.