Deogiri Chintamani Yojana [Vehicle Loan Scheme]
Apply For Loan
Purpose :
Purchase of new or used vehicles, Private or commercial vehicles.
Loan Amount :
- 75% of cost of vehicle in case of new vehicles.
- 225% of cost of vehicle in case of used or old vehicles (Age of Vehicle should be not more than 5 years).
Rate Of Interest :
Interest rates are applicable as per the following vehicle type, credit score and category:
| Category | Vehicle Type | Credit Score | Rate of Interest (p.a.) |
|---|---|---|---|
|
Vehicle Loan (Salaried / Business / Professional Use) |
Used / Old Vehicle | Above 800 | 10.75% |
| 700 to 800 | 11.25% | ||
| 600 to 700 | 11.75% | ||
| 600 or below / No Credit History | 12.50% | ||
| New Vehicle | Above 800 | 8.40% | |
| 700 to 800 | 8.90% | ||
| 600 to 700 | 9.75% | ||
| 600 or below / No Credit History | 10.90% | ||
|
Vehicle Loan (Business Use – No Government Interest Subsidy) |
Used / Old Vehicle | Above 800 | 11.50% |
| 700 to 800 | 12.00% | ||
| 600 to 700 | 12.50% | ||
| 600 or below / No Credit History | 13.50% | ||
| New Vehicle | Above 800 | 9.90% | |
| 700 to 800 | 10.50% | ||
| 600 to 700 | 11.00% | ||
| 600 or below / No Credit History | 11.50% |
Period :
- Maximum period for repayment is 60 months for new Vehicles.
- Maximum period for repayment is 36 months for a used or old vehicle.
Security: -
Bank will create the first charge on assets created out of a loan. In Addition to the above Security; Bank will ask for collateral security of 100% of Sanction Amount. (In case of four-wheeler).
Guarantor :
Maximum One Guarantor will be required for Two Wheeler Loan upto Rs.1.00 lakh.
And Minimum Two Guarantors required in other vehicle loans.
Documents :
- Applicant -
- Guarantor -
Photo, Photo ID, Residence proof, Income Proof such as Last 3 months Salary slip or Last Three years Balance Sheet and Tax Returns, Quotation of a vehicle in case of new vehicle, Agreement to sale in case old vehicle, Etc.
Photo, Photo ID, Residence proof, Income Proof
