Purpose – Purchase of New Car, Scooter, Motor Cycle etc
Eligibility – Any individual who is a member of the bank, having minimum monthly salary of Rs. 10,000/- for car loan and Rs. 7,000/- in case of any other loan
Quantum of Loan – Up to the maximum of 36 months, income of the borrower
Margin – 15 % of the Invoice value, excluding cost of insurance, other accessories, Road Tax etc.
Security – Hypothecation of vehicle financed by the bank; Registration of Bank’s charge with RTO
Collateral Security – Mortgage of immovable property or pledge of any other security of adequate value to the satisfaction of the Bank for a loan of more than Rs. 3.00 lakhs
Repayment – Up to maximum of 84 equal monthly installments with interest, subject to repaying capacity of the borrower
Rate of Interest – As per Bank’s rules from time to time.
Sureties – Two sureties of good means to the satisfaction of Bank, preferably an employee of one Government or Semi Government department, or Autonomous body or local bodies or Public Sector Undertakings and also of reputed Public limited Companies with at least 3 years of continuous service etc