Vehicle Loan
________
To provide finance for purchase of Four Wheelers viz.
   New car, jeep, Multi Utility Vehicle (MUV),Special Utility Vehicle (SUV)
   Also for used car / jeep / MUV/ Special Utility Vehicle (SUV) (not more than 3 years old)
Basis of Advance
- New Vehicles 75% of the On Road Price (cost of the vehicles + registration + insurance + one time road tax)
- Used Vehicles 50% of the valuation, which are less than three years old
Repayment Period
- i) 60 months in case of New Vehicles.
- ii)36 months in case of Used Vehicles. (Total period including loan tenure should not exceed 72 months from the date of first purchase of vehicle)
Repayment PeriodMode of Repayment
- i) EMI will be applicable from the subsequent month of availment of the loan by way of ECS Debit / PDCs / Salary deduction U/s. 49 of MSC Act.
- ii) PDC to be submitted invariably where sec 49 facility is not available.
Rate of Interest
- Four Wheeler Vehicles – 10.50% p.a. And Commerical - 11.50% p.a.
- Used Vehicles – 13% p.a.
Membership & Shareholding
- i) Regular Membership i.e. 2.5% of loan amount
- ii) Nominal membership for guarantor
Guarantors
- Two guarantor having regular source of income filing regular income tax returns
Banking Relations
- Previous banking relations are not necessary. Fresh A/c holders fulfilling above criteria may be considered.
Documents to be submitted along with Loan Application
- Statement of Bank account of the borrower for last 12 months
- 2 passport size photographs of borrower(s)
- Signature identification from bankers of borrower(s)
- A copy of passport /voters ID card/PAN card
- Proof of residence
- Latest salary-slip for 3 months showing all deductions
- I.T. Returns / Form 16 : 2 years for salaried employees and 3 years for professional / self-employed / businessmen duly accepted by the ITO wherever applicable to be submitted.
- Proof of official address for non-salaried individuals
- Proforma Invoice of the vehicle to be purchased.