Avail loan to purchase a new two wheeler including Mopeds, Scooter and Scooty etc.
Borrow maximum up to Rs. 10 Lacs
A margin money of 15% of cost of the two wheeler is mandatory.
Repayment period of up to 7 years long.
Hypothecation of Vehicle to be purchased is mandatory for New Four Wheeler Loan.
Additionally, if the loan amount exceeds Rs. 10 Lacs, additional security equal to the exceeding amount to be provided in the form of Fixed Deposit Receipts / NSCs / LIC Policy (with surrender value equivalent to the security to be provided) / Mortgage of immovable property.
Processing Fee : 0.229
Pre Closure Fee : 0
Part Payment Fee : 0
Late Payment Fee :
MCLR : 8.50%
Completed Application Form with passport size photograph.
Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
Proof of business address in respect of businessmen / industrialists.
Proof of Employment.
Proof of other income like rent, interest on investment, if any.
Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
Copy of Driving License.
Quotation for Vehicle to be purchased from the authorized dealer.
The applicant should be an Indian National.
Minimum Gross monthly income should be Rs.20,000 per month.
Salaried class, Professionals, Businessmen, Self employed persons, Staff of Indian Bank, NRIs and Pensioners.
Employees of other banks or FIs with NOC from employer concerned with minimum 3 years service / experience
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