i. |
Eligibility
|
- |
Any Individual bonafide member of the bank, having minimum monthly salary of Rs. 10,000/- for car loans and Rs. 7,000/- in case of other loans. |
ii. |
Maximum limit |
- |
Upto the maximum of 36 months , income of the borrower |
iii. |
Margin |
- |
15 % of the Invoice value, excluding cost of insurance, other accessories, Road Tax etc. |
iv. |
Purpose |
- |
Purchase of New Car, Scooter, Motor Cycle etc |
v. |
Security |
a)
b) |
Hypothecation of vehicle financed by the bank.
Registration of Bank’s charge with RTO. |
vi. |
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 Rs. 3.00 lacs. |
vii. |
Repayment |
- |
Upto maximum of 84 months |
viii. |
Rate of Interest and
other charges |
- |
As per Bank’s rules from time to time. |
ix. |
Sureties |
- |
Two sureties as per bank’s rules. |
vii. |
Other conditions |
a)
b)
|
Payment direct to the Vendor for full cost of the Vehicle as per Performa Invoice, subject to recovery of margin money from the borrower.
Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues. |
|
|
c) |
Comprehensive Insurance in banks joint name with agreed bank’s clause at borrower’s cost. |
|
|
d) |
Registration of Bank’s charge with RTO. |
