Vehicle Loan (Car / Two-Wheeler)
This scheme provides loans to individual members of the Bank for purchase of new cars, scooters and motorcycles to meet their genuine transport needs.
Eligibility
- Any individual bona fide member of the Bank.
- Minimum monthly salary of ₹20,000 for Car Loans.
- Minimum monthly salary of ₹10,000 for Scooter / Motorcycle Loans.
Maximum Limit
Up to a maximum of 48 times the income of the borrower.
Margin
15% of the “On Road Price”.
Purpose
Purchase of new Car, Scooter, Motorcycle, etc.
Security
- Hypothecation of the vehicle financed by the Bank.
- Registration of the Bank’s charge with the RTO.
Collateral Security
Mortgage of immovable property or pledge of any other adequate security, as per Bank’s satisfaction, for loans above ₹10.00 Lakh.
Repayment
Up to a maximum of 84 equal monthly instalments with interest, subject to borrower’s repaying capacity.
Rate of Interest & Other Charges
As per Bank’s rules from time to time.
Sureties
Two respectable sureties of good means to the satisfaction of the Bank.
Other Conditions
- Payment shall be made directly to the vendor for the full cost of the vehicle as per Proforma Invoice, after recovery of margin from the borrower.
- Copies of invoice / receipt must be obtained and kept on record until full repayment of the Bank’s dues.