Eligible Borrower

Individual/ Sole.Prop /Partnership Firm/ Limited Companies

Age

The applicant’s (Individual) age shall be between 21   years to 60

Purpose

To purchase New / Used vehicles not older than   5 years

Security

Hypothecation of vehicle to be financed

Margin

New vehicle 10% of the Invoice value / Old vehicle 20% of the Engineer’s valuation

Loan Amount

Minimum 1 lac to Maximum 2 crores

Tenor

New vehicle 5 years / Old vehicle 4 years

DSCR

1.25 to 1.5

Guarantor

Spouse and one of the close relatives of the   borrower/ Third party

Documents required

KYC documents, Proforma Invoice, ITR for 3   years, Audited financial statement for 3 years         (For business concerns), Bank  account   statement for 1 year