Purpose – To offer financial assistance to purchase vehicles
Eligibility – Any salaried persons / Professionals – Self Employed / Businessman; only for the purpose of purchase of New Vehicle for personal usage; Loan amount will depend upon the repaying capacity of the applicant and the worth of the personal guarantees offered.
Quantum of loan –
• For application under “Quick Disposal Scheme”:
• Maximum Loan Amount for Two Wheelers Vehicle Rs. 50000/-
• Maximum Loan Amount for Four Wheelers Vehicle Rs. 500000/-
• Personal Guarantee having income / asset expectable to the Bank:
• For Two Wheelers Loan – At least One Person.
• For Four Wheelers Loan – At least Two Persons.
Primary Security – Hypothecation of Vehicle
Rate of Interest – For Two Wheelers Loan: 13 %; For Four Wheelers Loan:12 %.
Processing Charges – For Two Wheelers Loan: Rs. 100/- / For Four Wheelers Loan : Rs. 500/-
Pre-payment Charges – Nil
Share Money Contribution – 2.5 % of the Loan Sanctioned.
Tenure For Repayment – For Two Wheelers Loan: Maximum up-to 24 months. / For Four Wheelers Loan: Maximum up-to 48 months.
The other loans offered by the bank are home loan, personal loan, education loan etc