Vehicle Loan

Limit Upto Rs. 50 Lac
Period 12 months to 60 Months
Rate of Interest  @13.0 % P. A.
1 Purchase of new scooter/motor cycle/car/jeep
2 Purchase Second Hand Cars
1 ID Proof
2 Address Proof
3 Income Certificate (Salary Slip) of Last two month
4  Two Guarantors
5 Pan Card
6 ITR for last 3 years


For purchase of new scooter/motor cycle/car/jeep(non-commercial use- to be registered as private vehicle), for purchase Second Hand Cars to be used as private vehicle only.

Eligibility Criteria

For Individuals:
  • Individuals working in Govt. departments/PSUs/ Recognized Schools & Colleges/ Reputed companies with a minimum of 1 year of service having minimum income as :
  • For two wheelers : Rs. 6,000 per month gross
  • For Car / MUV : Rs.10,000 per month gross
  • Retired employees of Govt. departments/PSUs/ Recognized Schools & Colleges/ Reputed companies having their pension accounts with minimum pension per month as under:
  • For two wheelers : Rs. 6,000 per month gross
  • For Car / MUV : Rs.10,000 per month gross
  • In case of Business Entities, established business for not less than two years may be considered for sanction of car/vehicle loan. However, this condition can be waived off in a case where the conduct of allied/sisters concern is satisfactory with our credit society.
  • Agriculturist based on their land holding may be considered for loan facility.

Maximum Loan Ceiling:

For Individuals :
  • Maximum loan for Two Wheelers -Rs.1 lac.
  • Maximum loan for Four Wheelers -Rs.50 lacs
  • Proprietor/Partner/ Director etc.- For purchase of 1 car with ceiling of Rs.10.00 lac at one point of time. This shall be in addition to the Car Loan from the firm / company.

Primary Security

Hypothecation of vehicle i.e. New Two wheeler / Car / MUV purchased out of loan by NUCC Society and noting of hypothecation charge in the books of RTO and Registration Book.

Collateral Security

For Individuals:
  • Preferably guarantee of the spouse or One third party personal guarantee acceptable to the credit society.
  • For Bank's existing Mid Corporate/ Corporate borrowers :
  • Hypothecation of New Car/MUV to be purchased with the help of Credit Society's Finance. Extension of charge over the existing collateral security.


12.5% for Two wheelers
12.5% for Cars / MUVs

Components of Finance

Show room price + one time road tax+ administration cost+ First year's insurance cost and Registration Charges shall be eligible for bank finance.

Assessment Of Eligible Loan Amount

In case of salaried persons / pensioners, maximum loan admissible shall be equivalent to 30 months net take home salary/ pension, subject to the condition that net take home salary/pension should not be less than 40% of the gross after all deductions including the proposed loan installment. Income of the spouse can also be considered subject to the condition that spouse agrees to guarantee the loan.

Repayment Period

Upto 60 EMI's {Equated monthly installment of Principal & interest components} Subject to remaining period of service / repayment capacity of the applicant.

Rate of Interest: 13.0% P.A, on reducing balance.

Penal Interest

In case of delayed payment, a penalty of 2% on the overdue amount for the over due period shall be charged.

Process fee

Applicable as per society rule

Repayment Period

Repayment in 36 EMIs


The vehicle purchased is to be kept comprehensively insured with agreed credit society clause. The insurance amount has to be paid by the borrower besides regular EMI.

Purpose of Loan  Auto / Taxi Loan

To acquire Autos (3 wheeler), Taxis (4 wheeler) for operating them as commercial passenger vehicles.

Eligible Person

Individual, partnership, Proprietorship, Private ltd. Co.

Loan limit

Upto Rs. 1 lac per vehicle subject to aggregate maximum limit of Rs. 5 lacs.


Hypothecation of Auto riksha / Taxi to be purchased from the credit society Finance. (The hypothecation clause shall be registered with RTO)

Collateral Security

Loan amount
Upto Rs.2.00 lacs Above Rs.2.00 lacs
Two personal guarantees of adequate means acceptable to the Bank. Tangible collateral security in the shape of property equivalent to 100% of the value of the loan. 
OR NSCs, FDR, LIP (surrender value) and other chargeable Govt. securities equivalent upto 100% of the loan.

Rate of interest: 16.0 % P.A.

Penal Interest

In case of delayed payment, a penalty of 2% on the overdue amount for the overdue period shall be charged.

Process Fee

Applicable as per society rule


Repayable in 36 to 60 equated monthly installments.

* Conditions Apply