Old(Resale) Vehicle Loan

For purchase of old/resale vehicles for commercial transportation of goods or passengers, or for justified private (non-commercial) purposes.

Interest RateAs per quantum of loan, fixed by the Board of Directors under the directives of the Reserve Bank of India from time to time.

Maximum AmountUp to the exposure limit of the Bank, subject to vehicle age and valuation: (a) Up to 3 years old vehicle - 60% of valuation, (b) Above 3 years up to 5 years old vehicle - 50% of valuation, not exceeding insurance value.

Maximum Tenure48 Months

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Key Highlights

Finance available for resale commercial and private vehicles

Loan amount linked to vehicle age and valuation

Direct payment to seller or dealer

Moratorium facility available

Bank-registered hypothecation with RTO and insurer

Eligibility Criteria

Applicant must be a Regular Member with 2.5% share linking as per RBI guidelines.

Applicant must have sufficient income to pay monthly EMI.

Applicant must possess valid permits and licenses as applicable for the vehicle.

Two personal sureties with minimum monthly net salary income of ₹25,000 or businessmen with yearly income of ₹4 lakh.

Sureties must be Nominal or Regular Members of the Bank.

Documents Required

KYC documents of applicant and sureties.

Income proof of applicant and sureties.

Residential proof of applicant and sureties.

Valuation report from Bank-approved valuer (for old vehicles).

Insurance policy (comprehensive) in joint name of Bank and borrower.

Permit and license copies, wherever applicable.

Business proof such as Udyam Registration / GST Certificate (if applicable).

Photographs of the vehicle along with borrower.

TTO set duly signed by the borrower.

Security & Fees

Collateral / Security

Hypothecation of the vehicle in favour of the Bank with charge registered with the RTO and Insurance Company.

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Processing Fee

As per prescribed Bank's Service Charges.

Check fees and charges

Visit the branch or call us for more details.