i. |
Eligibility
|
- |
Any individual bonafide member of the bank, having minimum monthly salary of Rs. 10,000/- |
ii. |
Maximum limit |
- |
Rs. 3 Lacs or 30 months’ income of the borrower whichever is less. |
iii. |
Margin |
- |
50 % of the value of Car as assessed and certified by any of the company’s (Manufacturer of the relative vehicle) authorised workshop or by Automobile Association of India alongwith expected life of the vehicle. |
iv. |
Purpose |
- |
Purchase of 2nd hand Car. |
v. |
Security |
-
|
Hypothecation of vehicle financed by the Bank. |
vi. |
Collateral Security |
- |
Mortgage of immovable property or pledge of any other security of adequate value to the satisfaction of the Bank. |
vii. |
Repayment |
- |
Upto a maximum of 60 equal monthly instalment with interest, subject to repaying capacity of the borrower OR residual life of the Vehicle whichever is earlier. |
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. |
x. |
Other Conditions |
a) |
Payment direct to the Vendor for full cost of the Vehicle as per Performa Invoice, subject to recovery of margin money from the borrower. |
|
|
b) |
Insurance of the Vehicle at the cost of the borrower. |
|
|
c) |
Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues. |
|
|
d) |
Registration of Bank’s charge with RTO. |
