PURPOSE

Purchase of Four wheeler for personal use - (New or second-hand)

MAX. AMOUNT / ELIGIBILITY / MARGIN

A. NEW :

• Private Cars :- 85% of vehicle quotation for purchase of New vehicle including Show Room Price, One time tax, Insurance & Registration charge.
• Commercial Vehicle :- 85 % of vehicle quotation for purchase of vehicle including Show Room Price, One time tax, Insurance & Registration charge. For Purchase of second hand vehicle 60% of Valuation. Second hand Vehicle should be within 5 years.

Repayment Capacity = Net monthly Income – (Less) minimum Take home Pay – (Less) Other Loan deduction.

Minimum Take Home salary/ Income = 40% of the Net Income/ Salary p.m. Subject to Minimum of Rs. 12000/-

For Two Wheelers  =   40% of the Net Income/ Salary p.m. Subject to Minimum of Rs. 9000 & Maximum of Rs. 20000/-

B. Pre–owned (second-hand not more than 5 years old)

• As per Repayment capacity
• 60% of the valuation of the vehicle or agreement value whichever is lower.

Which ever is lower among 1, 2  REPAYMENT

Repayment -

• New :Upto 84 months
• Pre-owned vehicles :Upto 60 months.
• New Two wheeler :  Upto 60 months.

Rate of Interest Click to View

MARGIN

A. New Vehicle

• Private Cars :up to 15%
• Two Wheelers : up to 25%
• Commercial Vehicle - 15%.

B. Used Vehicles

(Not more than five years Old)

• Private Cars and Commercial vehicles : 30% to 40% and for Commercial vehicles- 50 % of valuation/ Agreement value whichever is lower.

MEMBERSHIP

• Applicant – As per extant Shareholdings Norms

Sureties --

• Loan up to Rs. 25.00 lakh - Nominal Membership.
• Loan above Rs. 25.00 lakh - Regular Membership.

SURETIES

Two Guarantors

SECURITY

Hypothecation of vehicle

INSURANCE

Insurance Policy must be assigned in favour of our Bank.

SHARE LINKAGE

Rs.5000/-

SERVICE CHARGES

As per Service Charges Manual.