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) Hypothecation of vehicle financed by the bank. b) 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 Charges	As per Bank’s rules from time to time.
ix. Sureties	Two respectable sureties of good means to the satisfaction of the Bank.
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) Copies of Invoice/receipt to be obtained and kept on record till the liquidation of Bank’s entire dues.