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06:59 AM Fri, 06 December 2019

06:59 AM Fri, 06 December 2019

Vehicle Loan

Purpose
Loan for purchase of new two wheeler, car/jeep as well as Old car with approval of head office/BOD.

Eligibility
Individuals as well as Business concerns (Corporate or Non-Corporate)

Amount of Loan
For Individuals : 25 times of their net monthly salary Income or Rs.10.00 Lacs, whichever is lower. (Income of spouse can also be taken into consideration for determining loan amount) Higher amount of loan may also be considered in deserving cases.
For Business Concerns : Need-based and keeping in view the repaying capacity.

Margin
25 % (cost of insurance and one time road tax can be considered as margin money). For old car margin is 50% on the market value/or branch manager valuation report whichever is less.

Repayment
Maximum 36 months for new two wheeler, 60 months for Car / Jeep.

Security
Hypothecation of vehicle. Charge of bank to be got registered with D.T.O. (copy of RC with charge of bank to be obtained from the borrower).

Guarantee
Guarantee of spouse, if employed and two third parties guarantee of the reputed person acceptable to the bank.

Insurance
Comprehensive insurance with agreed Bank clause.

Checklist for New Vehicle

  1. ​Loan application form duly completed with photograph.
  2. ​Identify proof.
  3. Proof of income: For salaried class: salary certificate issued by employer (Indicating gross and net salary)
  4. Income Tax Return for the last three years.
  5. ​For Business concern: Income Tax Return for last three years. Audited balance sheet of the firm including trading account and profit/loss accounts statements.
  6. ​Age proof: copy of PAN card/ driving license.
  7. ​Quotation from authorized dealer.
  8. Any other information/document, which may be necessary, as per Requirements.

Checklist for Old Vehicles (Car / Van / Jeep)

  1. Loan application form duly completed with photograph.
  2. Identify proof. Copy of driving license, copy of electricity bill, copy of PAN card.
  3. Proof of Income
    1. For salaried class :
      1. Salary certificate issued by employer (indicating gross and net salary)
      2. Income Tax Return for the last three years.
    2. For Business concern :
      1. Income Tax Return for last three years.
      2. Audited balance sheet of the firm including trading Account and profit/loss accounts statements.
  4. Age proof: copy of PAN card/ driving license.
  5. Particulars of vehicle to be purchased and copy of Registration Certificate of vehicle.
  6. Valuation of the vehicle from the authorized dealer.
  7. Agreement between Seller and Purchaser.
  8. Prescribed Transfer form duly executed by the seller for onward submission to RTO.
  9. Copy of receipt of up-to-date deposit of road tax/other taxes.
  10. Any other information/document, which may be necessary, as per requirements.

Documents

  1. ​Loan application.
  2. Sanction Letter.
  3. DP (demand promotes)
  4. Letter of hypothecation of vehicle.
  5. Irrevocable letter authority from borrower authorizing the employer to remit salary/installment and other amount payable to the Bank.
  6. Agreement of Guarantee.
  7. Letter of Lien/Letter of set off.
  8. ​Letter of installments. 10 Blank cheques in favour of the bank
  9. ​Account statements for the last six months.

Rate of Interest Processing Fee

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