NRI Vehicle Loan

Attractive Interest Rates

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NRI Vehicle Loan - Giving wheels to your dreams.

We will drive you to your dream vehicle with our NRI Vehicle Loan. We assure you that our attractive interest rates will help accelerate your urge to buy that dream vehicle.

Purpose

For purchase of all types of Cars, Jeeps, Small Vans, two wheelers, etc.,
Both brand new and pre-owned vehicles except two wheelers.
In the case of pre-owned vehicles, the age of the vehicles should not be more than 2 years.
Pre-owned Two Wheelers are not eligible under the scheme.

Eligibility

Individuals including NRIs/ Firms/ Companies, who are having sufficient income to meet the repayment commitments.
Income of the spouse or children may also be taken into account for calculating the eligible amount of loan.

Limit & Margin

New Vehicles

90% of the cost of vehicle.

Pre - owned Vehicles

70% of purchase consideration /insured value /value assessed by Automobile Engineer/ Insurance Surveyor, whichever is lower.
The vehicle considered for finance should be lien-free.

Security

Upto 5 lakhs

Hypothecation of Vehicle
& Guarantee / Co obligation of a credit worthy person

Above 5 lakhs

Hypothecation of Vehicle
Equitable Mortgage of landed property of value not less than 150% of loan amount / Equivalent secuity of Approved securities.

Repayment

Brand New Vehicle

Two Wheeler : Within 60 months in EMI
Four Wheeler : Within 84 months in EMI

Pre-owned Vehicle

To be repaid within a maximum period of 60 months or up to the appraised economic life of the vehicle as per the valuation cum road worthiness certificate, whichever is earlier.

Interest Rates & Charges

For loan interest rates Click here
Please visit Service charges Click here