Vehicle Loan

Vehicle Loan

PURPOSE

1. Purchase of Vehicle for self /business use-new/second hand vehicle not more than 5 years old.

ELIGIBILITY

Individuals holding valid license.

MAX.LOAN AMT.

As per exposure norms.

RATE OF INTEREST

8.25% p.a. at monthly rests for Two Wheeler.

8.25% p.a. at monthly rests for Four Wheeler.

10.50% p.a. at monthly rests for Commercial Vechile

TENURE

Maximum 60 months-EMI.

MODE OF REPAYMENT

PDCS/ECS/THRU ACCOUNTS.

COST ELIGIBILITY

Pro-forma invoice for new vehicles.

Valuation report for second hand vehicles.

MARGIN

10% for new vehicles & 50% for second hand vehicles.

AMT.ELIGIBILITY

90% for new vehicles & 50% for second hand vehicles.

INCOME ELIGIBILITY

Total deductions should not more than 65 % of the gross salary including the proposed EMI for the loan.

DURATION OF SERVICE/ BUSINESS

Salaried - 3 years confirmed service.

Business/Professional-3 years.

PRIMARY SECURITY

Hypothecation of vehicle to be purchased out of bank finance.

COLLATERAL SECURITY

On case to case basis.

GUARANTORS

Two guarantors of good means acceptable to the bank.

REQUIREMENTS

1. Loan application form.

2. Borrowers and guarantors-3 years I.T. returns for business and Form 16 in case of salaried persons.

3. Borrowers/guarantors-6 months’ salary certificate in case of salaried persons.

4. Account to be opened fulfilling the KYC norms/ KYC norms for guarantors to be complied with.

5. Borrowers/Guarantors- Bank statement for last 6 months of them applicants existing bankers.

6. Pro-forma invoice in case of new vehicles.

7. Valuation report in case of second hand vehicles.

8. Payment Receipt for the advance paid.

9. R.C. book duly notifying our bank's lien on disbursement of loan.

10. Insurance for the invoice amount with our bank's

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lien noted therein.

 

11. Receipt of the entire amount paid (including bank finance).

OTHER CONDITIONS

Borrowers/Guarantors should have satisfactory track record and should not be an NPA with any other banks/FI.

 ** Terms & Conditions applied.


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