Vaish Cooperative Adarsh Bank Ltd is an urban cooperative bank that was established in the year 1936.
Purpose: This personal loan finances professionals to acquire assets like furniture, equipments, etc.
Eligibility: The applicant should not be more than 55 years of age. The applicant should have a minimum annual income of Rs. 1.5 lakhs. In case of salaried employees, the employers consent to deduct the EMI from the salary account need to be submitted. In case self employed applicants, they should be giving tax for at least the previous 3 years.
Quantum of Loan: Up to a maximum of 75% of the cost of the vehicle subject to an upper limit of Rs. 2 lakh is granted as loan.
Security: The assets purchased by the loan amount have to be hypothecated. One of the sureties must be a government employee. In case of a female applicant, one of the sureties must be a male member of the family.
Repayment: The post dated cheques have to be submitted at the time of disbursement of loan to pay the EMI. The repayment has to be done within 36 monthly installments.
Other features: 0.5% of the loan amount is charged as processing fee.