Pre-owned vehicles
This is where we differ most from a bank. A ten-year-old commercial vehicle that still earns reliably is a perfectly good asset, and we will look at it on its condition and its earnings rather than its year of manufacture. We inspect the vehicle ourselves.
Fleet and commercial
Fleet operators are assessed on route economics and running history, not only on balance-sheet ratios. Repayment schedules are built around how the vehicle actually earns — which for a goods vehicle is rarely the same every month.
Security
The vehicle is hypothecated to us and the hypothecation is noted on the registration certificate. On full repayment we issue the No Objection Certificate and the charge is released.
Who can apply
- Aged 21 or above
- Demonstrable income or business receipts
- Valid driving licence where the borrower is the driver
- Satisfactory credit conduct
What to bring
- KYC — Aadhaar, PAN and proof of address
- Income proof — salary slips, ITR or business receipts
- Six months bank statement
- Proforma invoice for a new vehicle, or RC and insurance for a pre-owned one
- Permit and fitness certificate for a commercial vehicle
Common questions
How old a vehicle will you finance?
[Specify your maximum vehicle age policy.] We assess condition and earning capacity rather than applying an age cut-off mechanically.
Can I foreclose early?
Yes. Charges, if any, are stated in your sanction letter and in our Interest Rate Policy. No foreclosure charge applies to floating-rate loans to individuals for non-business purposes.
When do I get the NOC?
On full repayment, within the timeframe prescribed by RBI. We issue it without you having to chase us for it.
Rates, charges and eligibility are indicative and subject to our credit assessment. The figures that bind us are those in your sanction letter. See our Interest Rate Policy and Fair Practices Code.