Personal Vehicle Loan

Loan Application Apply Online

Overview

Don't wait for your savings to stack up to buy your dream vehicle. Apply for an LVB Personal Vehicle Loan and we assure you you'll be at the wheel in no time.

Eligibility

  • Permanent employees of reputed organisations
  • Professionals, self-employed persons, entrepreneurs, agriculturists
  • Above individuals to have minimum age of 21 and maximum of 65

Income Eligibility

  • Minimum annual income - Rs. 1,20,000 for four-wheelers
  • Minimum net monthly income - Rs. 5,000 for two-wheelers
  • Net monthly income need be at least twice the monthly instalments fixed for the loan
  • Income of spouse or other family members may be included, subject to verification of sources

Purpose

  • New Car/ Van/ Jeep/ Two-wheeler
  • Used Car/ Van/ Jeep that is no more than four years old from the date of first registration and is in good working condition

Documents

  • Form 16, latest salary certificate, IT returns, bank statements of last six months For agriculturalists, a declaration by applicant giving details of land holding, crop cultivated and income therefrom, duly supported by a certificate from VAO and confirmed by Branch Head/AFO (Agri Field Officer)
  • For other income like rent, dividend, interest & commission received, documentary evidence necessary

Quantum of Finance

Sr.No Quantum of Finance Description
1 New four-wheeler 25 times Net Monthly Income OR 85% of the cost of the vehicle as per invoice Maximum loan amount - Rs. 25 lacs
2 Used four-wheeler 60% of cost of vehicle with a maximum funding of Rs. 10 lacs
3 New two-wheeler Not exceeding 6 times of the net monthly income OR 75% of the cost of the vehicle Minimum loan amount - Rs. 10,000; Maximum loan amount - Rs. 1,50,000 Standard loan amounts in multiples of Rs. 1,000 are being stipulated to ensure ease of operations and fixing EMIs

Interest

  • Loans for purchase of New Car/ Van/ Jeep: One year MCLR + 0.35%
  • Loans for purchase of Used Car/ Van/ Jeep: One year MCLR + 3.10%
  • Loans for purchase of new Two-wheelers: One year MCLR + 3.10%

Security

  • Hypothecation of vehicle purchased

Guarantee

  • Guarantee(s) of the owners of the collateral security, if obtained OR Personal guarantee from a third party with suitable net worth or income (MUST for four-wheeler loans)

Repayment

  • EMIs without any holiday period, subject to a maximum repayment period as under:
    • New four-wheelers: 72 months
    • Used four-wheelers: 36 months
    • New two-wheelers: 60 months

Processing fee

  • 0.50% of the loan amount, subject to minimum of Rs. 1,000 and maximum of Rs.10,000 for four-wheeler loans
  • Minimum of Rs. 750 for two-wheelers loans

Loan Application Apply Online
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