Vikas Souharda Cooperative Bank Limited – Vehicle loans

By Pradeep Yuvaraj | June 9, 2011

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.

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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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