| Loan Type | Term loan |
|---|---|
| Purpose | For acquiring own vehicle for personal Use (two wheeler/four wheeler) |
| Eligibility | Salaried employees, businessman, self-employed |
| Loan Amount | Collateral security is required to be provided for Loan amount of more than Rs.25.00 lakhs. |
| Margin | 30 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration + Insurance) for New Vehicle 50% of Valuation of vehicle in favour of bank( For Second sale / Old Vehicles ) |
| Mode Of Repayment | Standing instruction from our Bank Account , Debit ECS/Salary deduction from employer |
| Repayment Period | 60 months |
| Roi | For four wheeler 10.00 % For two wheeler 11.00 % 9.50 % for existing customers whose outstanding as on date is more than Rs.25.00 Lakhs |
| Security | Hypothecation of vehicle for Loan amount upto Rs.10.00 Lakhs Hypothecation of vehicle and Collateral security ( Immovable property / Govt . Securities such as NSC/KVP ,LIC policy and Term deposit of our Bank ) for Loan amount more than Rs.10.00 Lakhs . |
| Guarantors | Two acceptable guarantors |
| Collaterals | Not required |
| Processing Fees | 0.50% of sanctioned loan amount |
| Other Charges | As per Bank's policy |
| Banks Shares | 2.5 % of the loan amount Bank's shares |
| Prepayment Charges | No pre closure charges |