Vijay Co-operative Bank Limited – Vehicle loan

By | June 14, 2011

Purpose                                 – Purchase of new and old vehicles

Eligibility                                – Salaried, self employed or professional with repaying capacity

Quantum of loan –        Maximum Rs.25/- Lakhs for commercial vehicles

Margin –        New Car 10%; Used Car- 50% (Valuation); commercial vehicle- 30%

Rate of Interest                   – The rate of interest of the car loan for New Car is 11%, Used Car is 14% and commercial vehicle is 14%

Duration                                – New Car 48 months, Used Car 36 months, commercial vehicle 36 months

Other Conditions Hypothecation of Vehicles/used car, used car should not be less than 3 years, Hypothecation of Vehicle

The applicant borrower must open Saving Bank/Current Account and furnish all papers/ documents as per the bank’s requirements.

The borrower/s and sureties/guarantors should execute the documents as required by the bank before disbursement of the loan.

The borrower should have exclusive banking with the bank. For opening and operating with any other bank, prior consent must be obtained from the bank.

The applicant borrower eligible as per byelaws (Residing/carrying on business within the area of operation of the bank) must apply for entrance fee of Rs.10/-. Upon sanction of the loan, shares up to 5% of the loan amount or Rs.1 Lac, whichever is less must be acquired before disbursement of the loan etc.

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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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