|
Eligibility |
Any
individual or businessman can avail this
loan depending upon his/her needs and
capability to repay the loan. Loan is
given for vehicles to be used for personal
use only and not for the vehicles required
for the commercial use. |
|
Loan Amount |
| Maximum
Rs. 50,000/- loan can be sanctioned on
the basis of equated monthly installments.
Loan amount can be up to 100% of the vehicle
value. Value of the vehicle shall include
RTO, Sales Tax, Octroi, Insurance, HPA
but shall not include additional accessories. |
| Margin |
| Option
- A |
- For
100% loan amount: The Applicant shall
take cumulative fixed deposit of 10%
of the total value of the Vehicle.
-
This deposit shall be totally discharged
and must be lien to bank.
-
No overdraft facility shall be extended
on such deposit.
|
| Or
Option - B |
-
20 % of the Invoice value will have
to be paid as margin money and loan
will be extended for the remaining 80%
amount
|
| Rate
of interest |
-
Presently the rate of interest is 11%.
Bank can change this rate on a time
to time basis.
|
| Duration
of Loan |
-
Maximum duration of loan will be 36
months.
|
| Other
Terms |
-
One installment will have to be paid
in advance / before disbursement of
the loan.
- Insurance
of the vehicle have to be taken in the
name of the Bank
|
| |
