| Eligibility of borrower |
- Must be complied with the norms of KYC and having current or savings account with the Bank.
- Must have a valid driving license in his own name.
- Must be a regular or nominal member of the Bank.
- Should have his own / family member's / guarantor's residential or business property in their name in municipal record.
- Having sufficient score in CIC's reports
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| Purpose of Loan |
- Purchase of New vehicle [ 2 wheeler ]
|
| Quantum of finance |
- Authorized dealers' price quotation
- Up to 85 % of quotation value [ Basic price + RTO registration fee + Insurance + Vehicle tax ]
- In case of margin money deposited as fixed deposit under lien with the bank, loan may be considered at 100% of quotation value.
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| Repayment period |
|
| Rate of Interest |
10.00% p. a. |
| Security |
- Hypothecation of vehicle in favour of Bank
- Blank TTO form duly signed by the borrower.
- Copy of R.C. Book marked with HP clause in favour of the Bank OR HP certificate issued by RTO is to be obtain.
- Vehicle must be fully insured with HP clause in favour of the Bank
- One personal guarantor [ If borrower himself a property holder ]
- If borrower does not have any property in his own or family member’s name then two personal guarantor is to be obtain and out of which one guarantor must be a property holder.
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