Vehicle Loan

Salient Features This Loan is meant for Professionals, self -employed persons, service providers, employees of Govt. and other reputed institutions, Business persons.
Eligibility
  • Applicant must be a Regular Member/Associate/ Nominal of the Bank with credibility.
  • Professionals, self -employed persons, service providers and Business men should possess sufficient income to repay the loan and salaried employees should have take home salary not less than 50% of their gross salary .
  • He/she should possess a Savings Bank account, which is KYC compliant.
  • The age should not be more than 65 years in case of Professionals, self -employed persons, service providers and Business men and 55 years in case of salaried employees.
Purpose of Loan Purchase of two wheeler, four Wheeler and types light and heavy vehicles
Quantum of Loan 75% of the invoice value
Processing fee * 1.10 % on Loan amount with a minimum of Rs. 250/- (Non refundable)
Interest Rates As prescribed by Board from time to time.
Tenure 36 light vehicles and 72 months heavy vehicles
Repayment Mode In equal monthly installments with monthly interest or in equated monthly installments.
Security Hypothecation of the purchased vehicle
Surety or guarantee One or two sureties may be a regular/associate/nominal member having sufficient income and creditworthiness acceptable to the Bank.
Documents to be submitted for processing the application
  • Loan Application Form with passport size photograph.
  • Quotation of the vehicle
  • Income Proof
  • Salary Certificate for the latest month.
  • Letter authorizing the pay-drawing officer of the borrower or surety (where surety is an employee) for deducting the loan installment and interest from the monthly salary of the borrower or surety as the case may be and remittal of the same to the bank in triplicate.
  • Post dated cheques in case of non salaried applicants
  • In case of commercial vehicles project report and financial statements for last 3 years.
  • Statement of Assets and Liability of Borrower and sureties or partners of the firm.
Release of Loan Amt
  • Execution of prescribed document by the borrower and the surety.
  • Creation of charge in favour of the Bank on vehicle and collateral security.
  • Comprehension insurance policy for full value of vehicle with agreed bank clause relating to hypothecated vehicle and fire insurance in case of mortgaged property for its full value to be taken in joint name of bank and the property owner/borrower.

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