Eligibility of borrower:
- Having current/saving account holder of the Bank.
- Borrower must be a member of the Bank.
- Borrower must have a Valid Driving License.
Purpose of Loan:
- Purchase of new 2 Wheeler, 4 Wheeler for personal use.
- Purchase of 2nd hand 4 Wheeler for personal use.
- Purchase of Commercial Vehicle.
Quantum of Finance:
- Up to 70% of Ex-showroom price.
- Borrower must have Bank's share linkage @ 1% of the loan sanction amount.
- Loan tenure up to 36 months for 2 Wheeler Vehicle and 60 months for 4 Wheeler Vehicle.
- In case of old Vehicle, Valuation report of approved valuer is required.
- Nominal Processing Charge
- 2% loan closure charge of loan outstanding amount will be charged, In case of Loan closed above Rs. 10 Lakhs through Bank transfer.
- No Pre-payment/fore-closure charges.
- Easy Process
- Interest is to be charged on reducing balance method.
- Two Guarantors, out of one must be a non-relative guarantor.
- Hypothecation of Vehicle to be purchased.
- RC Book has to be deposited with the Bank.
- Vehicle to be insured comprehensive in with Bank Clause.