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Two Wheeler - 10.50% |
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Four Wheeler - For own use / Four Wheeler Electric - 8.50 % |
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Four Wheeler - For commercial use - 10% |
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Three Wheeler / Five Wheeler / Tempo - 10% |
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Commercial Vehicles : Truck, JCB etc - 10% |
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| ELIGIBILITY |
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The applicant must have assured monthly income to repay the EMI |
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Last three years income proof to be submitteds |
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In case of Taxi / Autorickshaw / Heavy / Commercial Vehicles permit from RTO |
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| EXTENT OF LOAN |
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Maximum loan amount allowed for New Car is 100% of vehicle cost (on Ex. Showroom cost) without cost of fire insurance, accessories and one time RTO charges |
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Finance for purchase of old cars (upto 3 years old) allowed at 25% margin against the agreement cost or insured declared value whcihever is less. |
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| SECURITY |
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Hypothecation of vehicle bank's charge on vehicle to be registered with RTO |
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Comprehensive insurance with bank clause |
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Personal guarantee of two members acceptable to bank ( In case of two wheelers on guarantor is allowed ) |
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| CHARGES |
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Processing charges of 1 % of loan applied to be paid upfront |
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Insurance and other document charges |
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Membership charges of 2.50% on loan amount in case of four wheeler and nominal membership upto Rs. 1 Lac in case of Two Wheeler Loan |
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