Loans for purchase of New Car/Scooter/Motor Cycle

i.

Eligibility

–

Any Individual bonafide member of the bank, having minimum monthly salary of ` 20,000/– for car loans and ` 10,000/ – in case of other loans.

ii.

Maximum limit

–

Up to the maximum of 48 months , income of the borrower

iii.

Margin

–

15 % of the ‘On Road Price’

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 ` 5.00 lacs.

vii.

Repayment

–

Up to maximum of 84 equal monthly instalments with interest, subject to repaying capacity of the borrower.

viii.

Rate of Interest and

other charge

–

As per Bank’s rules from time to time.

ix.

Sureties

  –

Two respectable sureties of good means to the satisfaction of Bank.

x.

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 /receipt to be obtained and kept on record till the liquidation of Bank’s entire dues.