Purpose – For the purchase of vehicles
Eligibility – Confirm salaried individual, professional / businessmen, self employed with gross monthly income of Rs. 10000/- per month. Age in between 21 yrs to 65 yrs. should be in business / profession for last 2 yrs.
Repayment Security – Insurance Comprehensive, with agreed bank clause;
Document Requirement – Identity Proof like Voter’s Identity card, driving license, passport, employers identity card / Photocopy of ration card / Photocopy of credit card; Proof of Residence Address such as Passport, voter’s Identity card, photocopy of ration card, telephone bill, electricity bill, municipal bill etc.
Documents to be executed at the time of disbursement of loan
Membership form (share member / nominal).
- DPN.
- Letter of waiver.
- Loan agreement form.
- Letter of lien & set off.
- Vehicle hypothecation agreement.
- Blank transfer form.
- Registration certificate with banks lien.
- Insurance policy with bank clause.
- Letter of guarantee.
- Assignment of LIC, NSC etc. if any.
- Proforma invoice from authorized vendor / dealer.
- Driving license (copy).
- Bank statement for one to two years.
- Income tax assessment order (two years).
Rate of Interest – Up to 5 years 11.00% per annum on monthly rests, above 5 years 11.50% per annum on monthly rests