| Loan Type | Term loan |
|---|---|
| Purpose | For Purchase of New / Old Auto Rickshaw / Taxi / T-permit tourist Car / Heavy vehicle |
| Eligibility | Businessman, self-employed |
| Loan Amount | Collateral security to be provided for Loan amount Rs.10.00 Lakhs and Above |
| Margin | For New Taxi = 10 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration +Meter+ Insurance) For Resale /Old Taxi = 50% of Valuation of vehicle in favour of bank For New Tourist Car /Heavy vehicle = 30 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration + Insurance) For Old Tourist Car /Heavy vehicle = 50% of Valuation of vehicle in favour of bank. |
| Mode Of Repayment | Standing instruction from our Bank Account ,Debit ECS |
| Repayment Period | 48 months For New Auto rickshaw = 10 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration +Meter+ Insurance) + Rs.20000/-for Decoration (Rs.1.80 lakhs Maximum) For Resale /Old Auto rickshaw = As per age of the Vehicle |
| Roi | For Auto Rickshaw 12.00 % For Tourist car /Heavy vehicle 12.50 % 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 |