Objective

Credit Facilities for Purchase of commercial Two, Three and Four-Wheeler

Purpose

Purchase of 2-wheeler* - Motorbikes/Scooter/mopeds etc.

Purchase of 3-wheeler - Good Vehicles

Purchase of 4-wheeler *- Cars, SUVs, Jeeps, Pickup trucks, Trucks etc.

*New Electric 2 & 4 wheelers can be financed from manufacturers who are manufacturing petrol/diesel vehicles at present.

*Second hand 2/3/4 wheeler (petrol/diesel) can be financed which are less than 3 years old.

Quantum of loan

Minimum: No Minimum

Maximum: No Maximum

Eligibility

Agriculturist having financially viable income, involved in Farm/ allied or any related Agri activities.

Security

Up to Rs. 25 Lakhs:  Hypothecation of Vehicle. Nil Collateral

Above Rs. 25 Lakhs: Suitable Collateral or TPG at the Discretion of the Bank, and Hypothecation of Vehicle.

Margin

Up to Rs. 1.60 Lac: Nil

Above Rs 1.60 Lac: 10% for New Vehicles & 25% for Second Hand Vehicles

Repayment

For 2-wheeler - Maximum 5 years

Other Vehicles - Maximum 10 years depending upon the repayment capacity.

Rate of Interest

1 Year MCLR (9.05% at present) + 1.35% (spread) = 10.40% at present

Processing charges

Up to Rs. 10.00 Lakhs - 0.50% of the loan amount

Above Rs. 10.00 Lakhs - 0.80% of the loan amount

*Conditions apply

*For more details, please contact our nearest branch

⇨ *Click here to apply - Indian Overseas Bank (iob.in)