VEHICLE LOAN

VEHICLE LOAN

RATE OF INTEREST FOR COMMERCIAL VEHICLE : 11.50% p.a.

RATE OF INTEREST FOR NON COMMERCIAL VEHICLE : 8.50% p.a.

RATE OF INTEREST FOR TWO WHEELER : 10% p.a.

FEATURES

1. 1. For purchase of new scooter, motorcycle, car, commercial vehicle etc. against hypothecation of vehicle and personal surety of members.
   2. Loan amount is 75% of cost of vehicle (Ex-showroom price)
      (Board can extend limit amount to 85% considering merits of the case).
   3. Loan to be repaid in 60 installments. EMI should not be more than 50% of monthly Income of borrower.
   4. Margin money to be deposited by the borrower.

DOCUMENTS REQUIRED

1. 1. General Insurance Policy covering comprehensive risks in joint names of Banks and borrower.
   2. Copies of supplier’s bill with stamped money receipt.
   3. Letter from borrower acknowledging receipt of the vehicle in perfect running order.
   4. Income Proof, ITRs. Proof of residence, photograph of borrower/sureties, Proforma Invoice of Vehicle and photograph of vehicle with borrower.