Purpose – Big- Bike is a scheme for Two Wheeler (New Only) financing.
Eligibility – For Salaried Person: permanent employee with 3 years of completed service and minimum remaining 5 years of service; take home salary Rs. 5000/- PM +EMI. If take home less than 5000/- should be covered with sufficient collateral liquid security.
For Professionals & Businessmen: Minimum income Rs. 1.00 lakh per annum as per IT return.
Quantum of Loan – Maximum amount Rs. 50 Thousand or 85% of the cost of vehicle
Margin – Minimum 15%
Rate of Interest – 13.50 %
Relaxation in ROI – 1% lower loan covered by 100% security; 0.50% lower if repaid as per schedule
Security – Primary: Hypothecation of New Vehicle.
Collateral: Sanctioning authority may stipulate by way of FDR / NSC / KVP / LIC
Loan 100 % Secured Guarantor / Employer’s certificate waived.
Guarantee – Personal guarantee of Spouse / Nominee of P. F. / Gratuity (Compulsory); Personal guarantee of one person of equal worth
Service Charges – Up to 25000/- NIL; Above Rs 25000/- 1.1236% of sanctioned amount, minimum Rs. 600/-
Documents – Loan agreement cum Hypothecation, PDR, and Letter of Guarantee.
Disposal of Proposal – 15 Days