Vikas Bank is a Cooperative registered under Karnataka Souhara Act 1997. It is licensed under Reserve Bank of India to do the business of Banking. . Vikas Souharda Cooperative Bank believes in positive lending. The bank has various loan schemes like home loan, vehicle loan, personal loan, business loan, gold loan etc. Vikas Souharda Cooperative Bank is a community based organization. The bank has been rendering financial services to the growing needs of the people.
Purpose – For the purchase of vehicle for the purpose of his business and domestic needs
Quantum of Loan – 75% of the quotation value for new vehicles and up to 50% of the amount quoted in valuator’s report in case of second-hand vehicle.
Rate of Interest – The rate of Interest is 16% per annum for two wheelers and second hand vehicles
Security – The customers will have to hypothecate the vehicle; in case of a second hand vehicle, a collateral security is necessary. Collateral security documents (Open site or building)
Documents Required – Previous title deed -original/certified copy/photocopy; Municipal endorsement transferring khata-original; Municipal khata extract for 13 years original; Tax paid receipt for the current year-original; Encumbrance certificate for 13 years.
The customer can have the vehicle for the purpose of his business and domestic needs.