Surat Peoples Coop Bank Ltd. Loans – Vehicle Loan

By | March 30, 2011
2 Comments

Purpose: This loan finances both personal (two-wheeler/ four-wheeler) and commercial vehicles.

Eligibility: Salaried Individuals, Professionals, Self Employed Individuals, Businessman are eligible for this car loan.

Quantum of loan: Up to a maximum of Rs. 15 lakh is granted as loan.

Margin: Only 80% of the total cost is granted as loan.

Rate of Interest: The rate of interest is 10.5% per annum.

Repayment: Repayment can be done in a maximum of 5 years (60 months). Interest is charged on daily product bases. Repayment in easy installments spread up to 5 years, based on age and capacity of customer. Paying more than the stipulated monthly installment at any time, depending upon availability of funds is also possible. This would enable paying off loan faster and reducing the interest burden.

Security:

The documents that are required to be submitted are:

  • Latest 6 months Bank Statement of salary account.
  • Last 2 years ITR with computation of income / Certified Financials
  • Proof of Continuity current business or industries
  • Proof of Identity
  • Proof of Residence
  • Proof of Office
  • Quotation from dealer.

Other features: Nominal processing charges. No prepayment penalty. Taking over of loans from a different financial institution is also possible.

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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.

2 thoughts on “Surat Peoples Coop Bank Ltd. Loans – Vehicle Loan”

  1. Ashok solanki

    I would like get loan for purchase commercial vehicles.
    I want to know about loan and how much loan will be passed. I want by truck which is rate is 3370000.what percentage of loan rate.

    Reply ↓
    1. Team BankBazaar

      Hi Ashok,

      We would love to help you but we do not currently offer commercial vehicle loans. For any other loan, please click here.

      Cheers,
      Team BankBazaar

      Reply ↓

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