Vehicle and Equipment Finance Interest Rates

Risk related rate of Interest

  • The interest rate charged to the customer is based upon the customer profile, vehicle category, vehicle type, market competition offerings etc.
  • The interest rate applicable will vary from time to time and will be mentioned against the specific operative schemes/loan products

Mode of Calculation

  • The interest rate will be quoted on an annualized basis only.
  • Compounding, if any, will be provided in specific loan schemes.

Penal/overdue Interest

  • When the EMI remains outstanding beyond the due date, overdue/penal interest will be charged at 3% pm on the amount due and payable till the account is regularized /closed.