Loan on Hypothication (Vehicle Loan)

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.

Share Linkage:

  • Borrower must have Bank's share linkage @ 1% of the loan sanction amount.

Features:

  • Loan tenure up to 36 months for 2 Wheeler Vehicle & 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 Lacs 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.

Security:

  • Hypothecation of Vehicle to be purchased.
  • RC Book has to be deposited with the Bank.
  • Vehicle to be insured comprehensive in with Bank Clause.