Purpose – The purpose of the vehicle loan is to offer financial assistance to the members of the bank in order to purchase two wheelers or four wheelers.
Eligibility – Age between 18 to 60 years, the applicant should have valid driving license just like any other car loan
Membership – Incase of purchase of four wheeler permanent membership, incase of two wheeler nominal membership
Quantum of Loan – Margin money shall be 25% to 40%, the repayment capacity can be decided on net take home salary incase of service person, incase case of business man, professionals net profit will be considered
Fees and Charge – 2.5% Linking sgares, processing fees as per the Bank Rule, Stamp duty as per Bank Rule.
Documents required –
• Quotation for vehicle.
• Salary certificate.
• Income tax returns
• Balance Sheet.
• Driving License.
• Two passport size photo graphs.
• Proof of residence
Guarantors – two guarantors with good network, Should not be defaulter of Bank. .
Collateral security, Collateral security may be taken if required, liquid security like fixed deposit, NSC, LIC policy.
Interest Rate – Interest will be charge on monthly basis as per the prevailing rate, penal interest 2% will be charged in case of default.