The SAMMCO Bank offers vehicle loans to individuals for purchasing new and used vehicles. The bank provides different interest rates for different types of vehicles and loan tenures.
Key Features and Interest Rates
► New Vehicles: The interest rate for new vehicles(4W) is 8.75% per annum.
► New Two-wheelers: The interest rate for new two-wheelers is 10.00% per annum.
► Used Vehicles: The interest rate for old (used) vehicles is 10.00% per annum.
Eligibility and Other Details
► Purpose: Loans are available for purchasing a new vehicle or a pre-owned one.
► Eligibility: The loan is available to any individual.
► Security: The vehicle being financed is hypothecated to the bank as security.
► Repayment Period: The repayment period for the loan can vary.
► Documentation: Required documents include proof of identity and address, income proof (salary slips, IT returns), and a quotation/proforma invoice from the vehicle dealer.