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 the car as assessed and certified by the manufacturer’s authorized workshop or by the Automobile Association of India, along with the 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 instalments 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 of good means to the satisfaction of the Bank, preferably an employee of Government or Semi Government department, Autonomous body, local bodies, Public Sector Undertakings, or reputed Public limited Companies with at least 3 years of continuous service.

In case the borrower is in private sector, business or profession, at least 2 sureties of good means must be in the employment of Government, Semi Government, Autonomous body, local bodies, Public Sector Undertakings, or Public limited Companies of high reputation with a minimum of 3 years of continuous service.
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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