Shriram Urban Co-operative Bank Limited – Vehicle Loan

By | June 15, 2011

Shriram Urban Co-operative Bank Ltd. Nagpur named after Lord Shriram, idol of the people of India commenced its business on the eve of Ramnavami, the 21st March, 1996. The bank is in profit since inception and has been consistently receiving “A” classification in the statutory audit for all these years. Bank has complied all the norms of R.B.I. and it has been categorized as Grade 1 Bank as per R.B.I. yardsticks.

The bank offers home loan, personal loan, educational loan, mortgage loan etc.

Purpose –           The personal loan is offered for the purchase of vehicles

Margin                         – 10% for new vehicles; No advance against old 2 wheelers; for old four wheelers (maximum 5 year’s old) margin to be kept 40%. In case of old 4 wheelers valuation to be done by insurance surveyor and advance to be sanctioned against this valuation

Rate of Interest –           The rate of interest is 14.00% for two wheelers and 12.00% for four wheelers up to 36 months, 13.00% for four wheelers above 36 months to 60 months

Period Period may be ranged between 36 months to 60 months Recovery by all Post Date Cheques / Standing Instructions / ECS

Guaranty Only two guarantors

Security                      – Vehicle to be hypothecated in favor of Bank

Mode of Repayment Post Dated Cheques or Standing Instructions or ECS

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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