Second Hand Vehicles Loans

Eligible Borrowers
Individuals should utilize the vehicle for transportation of farm/ nonfarm products, inputs,passenger and for private use. Only one vehicle can be financed in this this scheme.

Transport vehicles including light motor vehicles, autorikshaws, two wheelers, water transport units like boat, etc are eligible to be covered under this scheme.

Loan can be given for acquisition of one vehicle having not more than 3-4 years of old. For public passenger vehicle having valid route permit covering loan period, vehicles up to 5 years old can be considered.

Maximum Loan Limit
The maximum amount that can be availed under the scheme is Rs. 10,00,000/- or 75% of the purchase price/valuation of the vehicle.

Repayment Period
Loan period will be 5 years. The vehicle should be hypothecated to the Bank.

Rate of Interest
Loan Amount    Up To    -    10,00,000    ::    11.50     %