AllBank Vahan

  • Purchase of new Vehicle for personal use/official use
  • Purchase of pre-owned vehicle, not more than 3 years old
  • The term Vehicles includes: Car, Van, JEEP, Multi Utility Vehicles (MUVs).
  • Target Group
  • Our existing corporate customers, their directors and employees
  • Salaried persons, Professionals & Self-Employed, Businessmen, Firms, Companies, Agriculturist and Pensioners of Central, State Govt. and our Bank having regular income to liquidate the loans
  • Salaried Person : Minimum gross monthly income of Rs. 25,000/-
  • Agriculturist : Minimum 5 acres of irrigated land holding
  • Professional & Self-Employed / Businessmen : An IT assesee. With full collateral security, IT assessment order / IT return may be waived.
  • Retired individuals : Drawing monthly pension of Rs. 15,000/= and above.
  • Firm/ Companies: Net profit is sufficient to meet repayment of Car Loan
  • Salaried Person : The loan should be repaid at least three months before the date of retirement from service.
  • Other than Salaried person : Repaid before attaining the age of 70 years.
  • Firm/ Companies : should be existent for at least 2 years.
    Loan Limit :
  • Maximum of 3 times of Net Annual Income / Net Annual Salary.
  • Income of spouse / father/ mother/ son/ unmarried daughter can also be clubbed, provided he/she/they become the co-borrower
  • Margin :
  • For New Vehicle 15% of the cost of vehicle on Road (i.e. one time registration + first time Road tax & insurance charges etc.).
  • For Pre-owned Vehicle -
  • 85% of the "Agreed Purchase Price" as valued by Approved Automobile Valuer or 60% of the Valuation of the Vehicle, whichever is lower.
    Primary :
  • Hypothecation of Vehicle

  • Collateral :
    For Loan up to Rs. 20 Lac :
  • Spouse should be a co-borrower if his/her income is considered for eligibility. No Collateral, No guarantee.
  • For Loan above Rs. 20 Lac :
  • Guarantee of one person and Collateral security in form of FDR/NSC/KVP etc. or Mortgage of House/Flat.
  • If margin offered is more than 25%, no guarantee and collateral security is required.
For New Vehicle
  • Individuals: Maximum 84 Months
  • For Firm/ Companies: Maximum 60 Months
  • For Pre-owned Vehicle : Maximum 60 months / Residual life of the vehicle, whichever is lower