Loans for purchase of New Car/Scooter/Motor Cycle

Sr. No.	Particulars	Details
i	Eligibility	Any individual bona fide member of the bank, having: – Minimum monthly salary of ₹20,000 for car loans – Minimum monthly salary of ₹10,000 for scooter/motorcycle loans
ii	Maximum Limit	Up to the maximum of 48 times the 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 the 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 adequate security, as per Bank’s satisfaction, for loans above ₹10.00 Lacs
vii	Repayment	Up to a maximum of 84 equal monthly installments with interest, subject to borrower’s repaying capacity
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 to be made directly to the vendor for the full cost of the vehicle as per Performa Invoice, after recovery of margin from the borrower b) Copies of invoice/receipt must be obtained and kept on record until full repayment of the bank’s dues