Abhyudaya EV (Electric Vehicle) Two and Four-Wheeler Loan

Purpose

To purchase Two and Four-Wheeler Electric Vehicle

Max. Amount

 Rs. 50.00 Lakh - Four-Wheeler

 Rs. 5.00 Lakh - Two-Wheeler

Constituent

Individual (Private Vehicle)

Eligibility

Minimum Take home Income/Salary p.m. after EMI amount: 40% of Net Income subject to the following: -

Repayment

Upto 84 EMIs

Rate of Interest

8.00% p.a. (Floating) 

Margin

Surety

i) One Surety with Net Salary/Income of Rs.15,000/- & above per month. Salaried family members can be accepted.

ii) No Surety for Loans to the Proprietor, Partners, Directors and Trustees of the Firms/Companies/LLP/Trust who enjoy credit facilities with us and their all credit facility accounts are Standard for purchase of one vehicle.

iii) No Surety for existing Housing Loan/ Secured Loan Borrowers wherein facilities are covered by prime/collaterals and repayment track record is good and all credit facilities accounts are Standard for purchase of one vehicle.

iv) No Surety for individual borrower having net income/salary of Rs.50,000/- or above per month.

Service Charge

0.50 % of the sanctioned amount 

Share Linkage

Applicant: 2.5% of the loan amount sanctioned for loans above Rs.1.00 lakh

Insurance

Comprehensive insurance of vehicle hypothecated to the Bank.