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Vehicle Loan

Whatever be your choice of a two-wheeler or four-wheeler, right from a Moped to a 500cc racer bike and a family Car. Here our Vehicle Loan scheme is designed for you. The process is simple and In-principle approval can be provided in 1 day subject to the satisfaction of CIBIL and rating scores

Rs. 50,000 - 5 Lac

Rs. 50,000 - 5 Lac

Loan Amount

1 Years - 5 Years

1 Years - 5 Years

Period

PF - 2.50% + GST

PF - 2.50% + GST

Charges and Fees

Features and Benefits

  • All resident Individuals, Proprietorship concerns can avail
  • Loan shall be for purchase of vehicle for personal use only.
  • Assessment based on Kachha Pukka Bills / ITR / GST / Bank Statements
  • Can be availed as Term Loan with easy EMI payments Option.
  • Vehicle Hypothecation in favor of CITO Nidhi Ltd.
  • Pre-Mature Closure is allowed, subject to applicable norms.
  • CIBIL deviation allowed on satisfactory justification

Terms and Conditions

Loan Amount 85% of Ex-Showroom Price subject to maximum Loan amount Rs 5.00 Lakhs
Repayment Tenor 1 Year to 5 Years
Processing Charges 2.50% on Loan Amount + GST
Foreclosure Charges 4% on Loan outstanding.
Primary Security Hypothecatin of Vehicle in favor of CITO Nidhi 
Guarantee Co-Applicant should be Spouse or any Blood relative acceptable to Bank
Collateral Security A suitable Guarantor is required where Co-Applicant is not available
Co-Applicant Co-Applicant should be Spouse or any Blood relative acceptable to Bank.
Vehicle Insurance Coverage Mandatory to take the comprehensive Insurance policy to the extent of total vehicle IDV value with approved Insurance Company and should submit renewal copy every year.
Other Terms & Conditions
  • For Salaried - Applicant’s age should be minimum 21 years and maximum 58 years at loan maturity (maximum 60 years for Govt. employees) and Minimum total work experience of 3 years required 
  • For Business - Applicant’s age should be minimum 25 years and maximum 65 years at loan maturity and Minimum 3 years of vintage required in the same line of business.
  • Minimum Net Salary should be Rs 12,000/-pm for Salaried, and Minimum Business Income should be Rs 1.50 Lakhs for Self-Employed. Income Proof of Salary for Salaried and Income proof from Business for Self-employed is required.
  • Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 15,000/- per month is mandatory under No Income Program
  • Pro-forma Invoice of Vehicle, Margin Money receipt from Dealer, RTO Set should be furnished
  • Vehicle should be hypothecated in favor of Bank and Insurance Policy should contain the same
  • PDC Cheques needs to submitted
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Loan policy on delayed payments
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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