Car Loan / Two Wheeler Loan – Vehicle Loan
¨ This facility is to be allowed against the hypothecation of vehicle.
¨ Normally Payment should be made direct to the supplier (authorized Dealer) after obtaining margin money from the borrower.
¨ Margin as per bank policy should be maintained on new vehicles.
¨ Maximum repayment period should not exceed 7 years.
¨ Repayment obligation should not normally exceed 50 % of annual family income.
