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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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