Vehicle Loan

Safar Vehicle Loan Scheme(Four wheeler for Personal use)

Purpose

For purchase of New / Old (second hand 4 Wheelers Vehicle).

 

Eligibility

Any Individual.

 

Margin

New vehicle: Upto 20.00 lacs : NIL

Above 20.00 lacs : 10% of road price
(i.e. the cost of vehicle + RTO Registration + Tax + Insurance).

2nd vehicle: 50% (If aggregate price is less than valuation then 50% of the Agreement price).

Repayment Schedule

Maximum 60 months (New Vehicle).

2nd Hand Vehicles(50% of the life or vehicle as estimated by the empanelled valuer or 60 months whichever is less).

 

Guarantors

Minimum one acceptable to the bank.

 

Security

Prime-Hypothecation of new / Second hand vehicle
(as the case may be).

Collateral-For sanctioning of vehicle loan above Rs.20 Lacs,collateral security equivalent to 50% of loan amount.

Vehicle Loan for 2 Wheeler

Purpose

For purchase of New Vehicle.

 

Loan Limit

100% of invoice price of vehicle.

 

Margin

Nil - Up to Rs. 50,000/- and 20% p.a. above Rs. 50,000/-

Repayment Schedule

Up to 60 months.

 

Guarantors

One guarantor of good means acceptable to the bank.

 

Security

Prime-Hypothecation of new / Second hand vehicle
(as the case may be).

Collateral-For sanctioning of vehicle loan above Rs.20 Lacs,collateral security equivalent to 50% of loan amount.

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