Vaish Cooperative Adarsh Bank Ltd is an urban cooperative bank that was established in the year 1936.
Purpose: This personal loan finances purchase of vehicles.
Eligibility: The applicant should not be over the age of 55 years. The applicant should have a minimum annual income of Rs. 1 lakh. 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: 75% of the cost of the vehicle is granted as loan. The remaining amount has to be deposited at the bank and the payment to the dealer is done by the bank.
Security: 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. Hypothecation of the vehicle proposed to be purchased is also required as security for the loan.
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 50 monthly installments.
Other features: 0.5% of the loan amount is charged as the processing fee.