Federal Bank
26 Mar 2007
Purpose:
Render financial assistance for acquiring brand new and second hand vehicles for private use.
Quantum of finance:
Minimum amount Rs 50,000
Maximum Rs10,00,000
70 per cent finance to second-hand vehicles.
Period of loan:
Maximum period of 61 months for new vehicles.
Maximum period of 37 months for second-hand vehicles .
Security:
Collateral Security is 50 per cent of the loan amount.
Interest
New Vehicles13.50 per cent
Used Vehicles16.00 per cent