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Whats New

  • RBI grants Authorised Dealer – category II for retail forex license to Apna bank
  • BSI certifies Apna Bank with the upgraded ISO 27001:2013 cerification for information Security
Vehicle Loan


VEHICLE LOAN
Purpose For purchase of new / second hand Vehicle for own use or for commercial use
Who can Avail this Loan Any account holder who is a Salaried employee / Businessman / Professional with repaying capacity
Loan Features

Repayment Period : 36 to 60 instalments

Collateral Security :

a. L.I.C
b. N.S.C
c. Kisan Vikas Patra
d. Fixed Deposit. Recurring Dep.

Rate of Interest

Two wheeler        Women  : 10.50%

                             Others   : 10.75%

 

Personal Use        Womens   : 10.75%

                              Others     : 11%

 

Commercial Use    3 years    : 11.50%

                               5 years    : 12%

  Rate applicable for Loans sanctioned and Disbursed after 1/02/2017

Documents required
  1. Duly filled Loan form
  2. Account Statement / Passbook for verification
  3. Other Bank account statement if any
  4. Three Photographs of Borrower & Guarantors
  5. Income proof for last three years if businessman / current 3 months payslips if salary earner, form no 16 of last year
  6. Ration card of borrower and Guarantors
  7. Aadhar card of borrower and Guarantors
  8. Electricity Bill of borrower and Guarantors (point 6,7,8 bring originals for verification)
  9. Profoma Invoice of Authorised dealer
  10. Driving License, R.C book
  11. Other documents related to vehicle
  12. Fitness certificate in case of old vehicle.
  13. Letters from expected business ( incase f commercial / Tourist vehicle)
  14. H.P certificate (After Loan disbursement)
  15. Project report (Incase of commercial Vehicle)
  16. Advance payment receipt
Charges

      1. Share 2.5% of the Loan amount above 1 Lakh
      2. Guarantor's share of Rs 1000/- each
      3. Service Charges 1% of loan amount Min 125/-
      4. Franking – Upto Rs. 5 Lakhs – 0.10% Above Rs. 5 Lakhs – 0.20%
      5. Visit Charges – Rs.300/- to Rs 10000/-
      6. Scrutiny charges – Min – 400/- Max 50000/-
      7. Cibil Report – Consumer – 200/- Commercial – 1500/-

Positive Points
  • Quick Disbursal
  • Guarantor Not Required (Two Wheeler Loans) personal use vehicle upto Rs.7.50 lakh only one guarantor required
  • No Pre-payment charges
  • Flexibility in repayment period
  • Daily reducing balance
  • Repayment in addition to fixed instalment can be made without any charges