| Loan Type | Term loan |
|---|---|
| Purpose | For Purchase of New Car for personal use and Heavy Vehicle |
| Eligibility | Businessman, self-employed |
| Loan Amount | Collateral security to be provided for Loan amount Rs.10.00 Lakhs and Above |
| Margin | For New Tourist Car / Heavy vehicle = 30 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration + Insurance) |
| Mode Of Repayment | Standing instruction from our Bank Account ,Debit ECS |
| Repayment Period |
48 months 10 % in favour of bank on Authorized Dealer quotation (Ex showroom Registration +Meter+ Insurance) + Rs.20000/-for Decoration (Rs.2.30 lakhs Maximum) |
| ROI | Click here for Interest Rates |
| 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 . |
| Guarantors | Two acceptable guarantors |
| Collaterals |
As per previous norms |
| Processing Fees | 0.50% of sanctioned loan amount |
| Other Charges | As per Bank's policy |
| Banks Shares | 2.5 % of the loan amount Bank's shares |
| Prepayment Charges | No pre closure charges |