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Vehicle Loans - Loans for purchase of new Car/Scooter/Motor Cycle etc.
| S No. | Title | Description |
|---|---|---|
| 1. | Eligibility | Any Individual bonafide member of the bank, having minimum monthly salary of 10,000/- for car loans |
| 2. | Margin | 15 % of the ‘On Road Price’ |
| 3. | Purpose | Purchase of New Car, Scooter, Motor Cycle etc |
| 4. | Security | ➤ Hypothecation of vehicle financed by the bank. ➤ Registration of Bank’s charge with RTO. |
| 5. | Collateral Security | Mortgage of immovable property or pledge of any other security of adequate value to the satisfaction of the Bank for a loan of more than 15.00 lakhs. |
| 6. | Repayment | Up-to maximum of 84 equal monthly instalment with interest, subject to repaying capacity of the borrower. |
| 7. | Rate of Interest and other charges | As per Bank’s rules. |
| 8. | Sureties | Depends up-on case to case. |
| 9. | Other Conditions | ➤ Payment direct to the Vendor for full cost of the Vehicle as per Performa Invoice, subject. ➤ To recovery of margin money from the borrower. ➤ Insurance of the vehicle financed to be produced every year. ➤ Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues. |
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