| Eligibility of borrower |
- Having current / saving account holder of the Bank.
- Borrower must be a member of the Bank.
- Last three years income-tax return should be produced.
- Must have a valid driving license in his own name, in case of unavailability of self driving license, applicant has to produce a written declaration who will drive on behalf of him along with the copy of driver's driving license.
- Borrowers should have his own/ family member's residential or business property in their name in the Govt./SMC record.
- Having sufficient score in CIC's reports.
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| Purpose of Loan |
- Purchase of new/old vehicles only.
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| Quantum of finance |
- Up to 85% of quotation value of authorized dealer for new vehicle.
- Up to 70% of valuation report of approved valuer in case of old vehicle.
- In case of margin money deposited in fixed deposit with the bank, loan may be considered at 100% of quotation value.
|
| Share Linkage |
- Borrower must have Bank share Linkage @ 1% of the loan sanction amount.
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| Repayment period |
- Maximum up to 84 monthly installments.
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| Rate of Interest |
8.50% p. a. |
| Security |
- Hypothication of vehicle in favour of Bank.
- One personal guarantor having his own property and last year's income-tax return.
- Copy of R.C.Book marked with HP clause in favour of the Bank or HP Certificate issued by RTO is mandatory to obtain.
- In case of loan amount is Rs. 30.00 lakh or above, original sale deed / agreement of the property of the borrower or his family member to be obtain with power of attorney in favour of Bank.
- In case of commercial vehecle, declaration of borrower with valid license of driver, and if loan amount is Rs. 5.00 lakh or above, orignal sale deed/agreement of property of borrower or guarantor is to be obtain with power of attorney in favour of Bank.
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| Vehicle to be insured comprehensively with Bank clause. |
