If vehicle is being purchased for private usage, vehicle can be registered in individual name. Vehicle can also 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.
If vehicle is being purchased for commercial usage, 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.
If vehicle is being purchased for agriculture and allied activities, vehicles such as tractors with or without accessories including trailer, goods autos, Jeeps, Pick-up Vans / Trucks, MUVs, SUVs, LUV, Earth Moving Vehicles (JCB) etc. used for agricultural or allied activities.
If vehicle is being purchased for private usage, cost of vehicle will include basic cost, accessories, duties, taxes, octroi, one-time road tax, comprehensive insurance premium for the first year.
If vehicle is purchased for commercial purposes, cost of vehicle will include basic cost (including body building & associated expenses for statutory clearances), accessories, duties, taxes, octroi, one-time road tax, comprehensive insurance premium for first year.
If vehicle is going to be used in agriculture and allied purposes, cost of vehicle will include basic cost, accessories, duties, taxes, octroi, one-time road tax, comprehensive insurance premium for first year.
Enjoy repayment period of up to 7 years if 100% collateral and 5 Years if collateral not provided. Subject to borrower age of 75 years.
Borrow minimum Rs. 2 Lacs.
Processing Fee : 2.5
Pre Closure Fee : 0
Late Payment Fee : 2% over the applicable interest rate
Loan to Value Ratio :
Part Payment Fee : 0
MCLR : 9%
Bank account statement of the last 6 months.
Identity Proof: Voter's ID card / Driving license / Job card issued by NREGA / Aadhaar card / PAN card (PAN card only as identity proof)
Address Proof: Passport / Voter's ID card / Driving license / Aadhar card
Income Proof: Form 16 /Latest salary slips
Employees Of MNCs, State/Central Govt, IT Companies etc.
Self Employed/ Business People/ Proprietary/Partnership Firms/Institutions Including Charitable / Trusts.
Professionals with net monthly income of Rs. 60,000.
NRI Individual/Jointly with NRI or Resident Spouse, Close Relatives.
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.
Senior Citizen/ Pensioner/ Jointly with spouse drawing pension / income from State/ Central Government or Reputed Institutions.
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