Vehicle Loan - Personal Use
| For Salaried employees, businessman, self-employed | |
|---|---|
| Type of loan | Term loan |
| Purpose |
For acquiring own vehicle for personal Use (two wheeler/four wheeler) |
| Repayment | 60 months |
| Mode of Repayment | Standing instruction from our Bank Account , Debit ECS/Salary deduction from employer |
| Margin |
30 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration + Insurance) for New Vehicle 50% of Valuation of vehicle in favour of bank( For Second sale / Old Vehicles ) |
| Rate of interest | For four wheeler 10.00 % For two wheeler 11.00 % 9.50 % for existing customers whose outstanding as on date is more than Rs.25.00 Lakhs |
| Who can borrow | Salaried employees, businessman, self-employed |
| Loan amount | Collateral security is required to be provided for Loan amount of more than Rs.25.00 lakhs. |
| Security | Hypothecation of vehicle for Loan amount upto Rs.10.00 Lakhs Hypothecation of vehicle and Collateral security ( Immovable property / Govt . Securities such as NSC/KVP ,LIC policy and Term deposit of our Bank ) for Loan amount more than Rs.10.00 Lakhs . |
| Collateral | Not required |
| Guarantors | Two acceptable guarantors |
| Subscription of bank's shares | 2.5 % of the loan amount Bank's shares |
| Processing charges | 0.50% of sanctioned loan amount |
| Other charges | As per Bank's policy |
| Pre-payment charges | No pre closure charges |
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