Vehicle Loan

Finance for commercial vehicles (bus/truck/taxi/auto-rickshaw), two-wheelers, cars and school/college buses, for both professionals/employees and transport operators, covering new and used vehicles.

Features

• Scheme for financing commercial vehicles (bus/truck).
• Transport Loan Scheme for taxis and auto-rickshaws.
• Options for professionals, salaried employees, and school/college buses.
• Both new-vehicle and old/used-vehicle financing available.

Interest Rate

• Car loans: 9% in year 1, 11% thereafter.
• Commercial vehicle / two-wheeler loans: 14% fixed.

Loan Amount & Tenure

• New commercial vehicles (bus/truck): up to 75% of cost, max ₹10 lakh or 20 months’ earnings.
• New transport vehicles (taxi/auto): up to 80% of cost, max ₹5 lakh.
• Professionals/employees: up to 85% of cost (salaried) or 1.5x biennial income (self-employed), max ₹5 lakh.
• Old vehicles: up to 50% of the assessed value by an authorized valuer.
• Tenure: minimum 36 months, maximum 84 months, via advance EMI cheques.

Eligibility

• Salaried, self-employed and transport-operator applicants as per category above.

Margin / Security

• Margin of 15–25% for new vehicles depending on category; 50% for old vehicles.
• Property documents with non-encumbrance certificate and valuation, where taken as collateral.

Documents Required

• Recent bank statements; tax returns (non-salaried) or salary proof (salaried).
• KYC documents.
• Advance EMI cheques.
• Vehicle registration and driving licence (commercial).
• Comprehensive vehicle insurance.