Loans for purchase of 2nd hand Car

i.

Eligibility

 

 

–

Any individual bona fide member of the bank, having minimum monthly salary of   Rs. 10,000/-.

 

ii.

Maximum limit

–

` 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 vehicle) authorized workshop or by Automobile Association of India along-with 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

–

Up to 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:

 

a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

Two sureties of good means to the satisfaction of Bank, preferably an employee of Government or Semi Government department, or Autonomous body or local bodies or Public Sector Undertakings and also of reputed Public limited Companies with at least 3 years of continuous service.

 

 

 

 

 

 

 

 

In case, the borrower is in service of Private Sector or in business or profession, at least 2 sureties of good means who are necessarily be in the employment of Government or Semi Government department, or Autonomous body or local bodies or Public Sector Undertakings and also in the employment of Public limited Cos. of high reputation with a continuous service of a minimum of three years.

 

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 with bank’s clause.

 

 

 

c)

Copies of original 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.

 

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