Purpose
This loan allows you to avail quick funds by pledging your existing vehicle as collateral, while continuing to use it for your personal or business purposes.
Eligibility
- Individual or business owner
- Ownership of a valid registered vehicle
- Age and income criteria as per bank norms
Interest Rate
13% (2% Extra Penal Interest)
Repayment Period
24 Months
Guarantor
Two guarantors of good means are required.
Security
Hypothecation of vehicle as per bank norms.
Document Checklist
- Identity proof (Aadhaar, PAN, etc.)
- Address proof
- Income proof (Salary slips / Form 16)
- Vehicle Registration Certificate (RC)
- Valid vehicle insurance copy
- Income tax returns (last 2–3 years)
- Any additional documents as per bank policy
