Second Hand (used) Vehicle Loan

• Pre-Payment Charges: Nil
• Repayment:  3 Years.
• Maximum Amount: Max.50% of Valuation or purchase cost whichever is low.
• Processing Charges:
  
  • 1% For loan up to Rs.10.00 lakh.
  • 0.50% for loan above Rs.10.00 lakh.

       The most value-driven choice

• Used vehicle loans provide customers with an opportunity to purchase quality vehicles at a lower price, making car ownership more accessible.

• Vehicle as Collateral: The car serves as security for the loan.
• Title and Registration: Bank may hold a lien on the car’s title.
• Insurance Requirement: Borrower must maintain comprehensive car insurance.
• Loan Agreement: Outlines terms, repayment, and repossession rights.

• The second-hand vehicle must meet certain criteria regarding age, mileage, and condition, as set by the lender.
• Minimum 21 years of age
• Maximum 60 years of age at maturity (conditions apply)
• Minimum net annual salary of Rs 2,40,000 p.a. for certain models and Rs 3,00,000 p.a. for specific models
• Income eligibility based on latest salary slip/form16/ last 3 months bank statements
• Minimum 1 year of continuous employment

• For Second Hand (Used) 4-Wheeler (Personal): 11.50%P.A.