Personal Vehicle Loan

*Note: This erstwhile Laxmi Vilas Bank product is discontinued.

Download digibank Now


Don't wait for your savings to stack up to buy your dream vehicle. Apply for a Personal Vehicle Loan and we assure you you'll be at the wheel in no time.


  • Permanent employees of reputed organisations
  • Professionals, self-employed persons, entrepreneurs, agriculturists
  • Above individuals to have minimum age of 21 and maximum of 65

Income Eligibility

  • Minimum annual income - Rs. 1,20,000 for four-wheelers
  • Minimum net monthly income - Rs. 5,000 for two-wheelers
  • Net monthly income need be at least twice the monthly instalments fixed for the loan
  • Income of spouse or other family members may be included, subject to verification of sources


  • New Car/ Van/ Jeep/ Two-wheeler
  • Used Car/ Van/ Jeep that is no more than four years old from the date of first registration and is in good working condition


  • Form 16, latest salary certificate, IT returns, bank statements of last six months For agriculturalists, a declaration by applicant giving details of land holding, crop cultivated and income therefrom, duly supported by a certificate from VAO and confirmed by Branch Head/AFO (Agri Field Officer)
  • For other income like rent, dividend, interest & commission received, documentary evidence necessary

Quantum of Finance

Sr.No Quantum of Finance Description
1 New four-wheeler 25 times Net Monthly Income OR 85% of the cost of the vehicle as per invoice Maximum loan amount - Rs. 25 lacs
2 Used four-wheeler 60% of cost of vehicle with a maximum funding of Rs. 10 lacs
3 New two-wheeler Not exceeding 6 times of the net monthly income OR 75% of the cost of the vehicle Minimum loan amount - Rs. 10,000; Maximum loan amount - Rs. 1,50,000 Standard loan amounts in multiples of Rs. 1,000 are being stipulated to ensure ease of operations and fixing EMIs


  • Loans for purchase of New Car/ Van/ Jeep: RBI Repo Rate (6.25%) + Spread
  • Loans for purchase of Used Car/ Van/ Jeep: RBI Repo Rate (6.25%) + Spread
  • Loans for purchase of new Two-wheelers: RBI Repo Rate (6.25%) + Spread


  • Hypothecation of vehicle purchased


  • Guarantee(s) of the owners of the collateral security, if obtained OR Personal guarantee from a third party with suitable net worth or income (MUST for four-wheeler loans)


  • EMIs without any holiday period, subject to a maximum repayment period as under:
    • New four-wheelers: 72 months
    • Used four-wheelers: 36 months
    • New two-wheelers: 60 months

Processing fee

  • 0.50% of the loan amount, subject to minimum of Rs. 1,000 and maximum of Rs.10,000 for four-wheeler loans
  • Minimum of Rs. 750 for two-wheelers loans