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Hire Purchase Loan

Our Hire Purchase Loan with its attractive features and simplicity in processing has been designed with a view to fulfill the dreams of professionals, self employed, business executives, and business houses who wish to own a vehicle of their own. Under this scheme, we avail loans for purchase of new/used vehicles as well as for commercial vehicle financing. The salient features of the loan have been highlighted below

Who can apply for the loan?

Under this scheme the following persons can apply and get the loan:

  • Permanent Salaried Individuals.
  • Professionals.
  • Retired Individuals.
  • Businessmen.
  • Transport Entrepreneurs.
  • Business Houses.
  • Schools/Colleges/Individuals.

Salient Features

  • Interest rate ranging from 15% to 16.5%.
  • Competitive interest rates and service charges.
  • Financing of up to 80% of the vehicle value.
  • Maximum tenure of 7 years.
  • Financing of both new and used vehicles.
  • Repayment of both principal and interest in equated monthly installments basis.

Purpose of Utilization of Funds

  • Financing available for purchase of:
    • Private new car or motorcycle,
    • Reconditioned car or motorcycle,
    • New Public transport vehicle like:
      • Trucks,
      • Buses,
      • Minibuses,
      • Pickup Vehicles,
      • Micro-buses, etc
  • Reconditioned Public Transport Vehicle like:
    • Trucks,
    • Buses,
    • Minibuses,
    • Pickup Vehicles,
    • Micro-buses, etc

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