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For Purchase of vehicles


  • Purchase of New/second hand Four-wheeler, such as Car, Van, Jeep, etc.

  • Purchase of New two wheeler such as, Motorbikes, Scooter, etc.

Nature of facility:

  • Secured Loan (OSL)


  • For four-wheelers: Individuals having minimum annual income of Rs.2.00 lakh. For determining eligibility, quantum of loan, the income of spouse, major children including unmarried daughters, supporting the borrower financially, can be considered. The person/s whose income is/are included for the above purpose shall join the transaction as additional surety/ies. Agriculturists are eligible.

  • For two-wheelers: Individuals having minimum annual income of Rs.0.50 lakh.


  • For four-wheeler:

  1. 95% of on-road price (inclusive of Insurance, Road Tax and Registration charges) of the vehicle for new car and accessories (the cost of accessories is limited to a maximum of Rs.10000/-) or three times the gross annual income, whichever is less.

  2. 70% of value of the Car (as valued by approved valuer) for 2nd hand car of not more than 5 years old or 3 times gross annual income or Rs.3.00 lakhs, whichever is less.

  • For scooters / motorbikes:

  1. 95% of on-road price (inclusive of Insurance, Road Tax and Registration charges) of the new 2 wheeler and accessories (max. Rs.500/-) or 12 months gross salary, whichever is less, subject to a maxi of Rs.60000/-

  2. Second hand two wheelers are not eligible for Bank finance.


  • For four-wheeler:

Maximum 84 months for new Cars and maximum 48 months for old cars. The repayment period for old cars shall be fixed in such a way that the age of the car plus repayment period does not exceed 9 years.

  • For scooters / motorbikes:

Maximum 60 months.

Rate of Interest:

Rate of Interest linked to Bank’s Base Rate at monthly compounding.

For four-wheeler: Base Rate + 0.75%.

For two-wheeler: Base Rate + 2.50%.

0.50% of concession in applicable rate available to employees of Govt/PSU/Corp/Blue Chip companies, where there is a tie-up arrangement or Corporate sponsor the application and give irrevocable undertaking letter.


  • Third party guarantee is waived.

Other conditions:

  1. Hypothecation of vehicle with hypothecation charge noted in the RC Book.

  2. Comprehensive insurance for full value of vehicle with Bank clause noted in the policy bond.


  1. 50% or 60% (where cut back exceeds 50% on account of voluntary savings like contribution to provident fund beyond statutory requirement, LIC etc.) or 70% where spouse/major children unmarried daughters financially supporting the borrower are also earning members and under regular employment. Provident fund-both statutory and voluntary, income tax/professional tax, insurance premium, deductions towards all loans (excluding festival advance), are to be taken into account for computing cut-back, for salaried class.

  2. 50% for pensioners.

  3. In the case of non-salaried class/non-pensioners, total installment amount payable in a year towards all loans with us/other banks should not exceed 50% of the reported annual income.

Service charges:

  • As applicable.


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