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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 purchase of all types of Cars, Jeeps, Small Vans, two wheelers, three Wheeler 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
  • Individuals including NRIs/ Firms/ Companies, who are having sufficient income to meet the repayment commitments
  • Income of the spouse or children may also can be taken into account for calculating the eligible amount of loan

    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.

    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.

    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

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