हिंदी वेबसाईट

Vehicle Loan - Four Wheelers

EligibilityShare Member of the bank
PurposePurpose For purchase of New Vehicle (Four Wheeler) for personal use.
Margin10% of the Ex-Showroom Price of new vehicle
Repayment48 / 60 equated monthly instalments
Processing FeesRs.500/- (inclusive of Service Tax)
Rate of Interest9.50 % p.a (Existing is 10.50%)
DisbursementDirect to the Dealer along with margin money
SecurityHypothecation of Vehicle
GuarantorsTwo Guarantors acceptable to the Bank
  1. The vehicle shall be insured comprehensively with Bank's HPA clause
  2. Duplicate key/s of the vehicle shall be deposited with the bank.
  3. Certified Xerox copy of R.C. cum-Taxation Book and Insurance Policy shall be obtained. duly noted HPA.
  4. Post disbursement Inspection Compulsory..
  5. Pro-forma Invoice/Bill of the dealer / seller and stamped receipt shall be obtained.
    • Residence proof & Photo Identity Proof of Borrower & Guarantors to beobtained.
    • Income Proof of Borrower & Guarantors to be obtained
    • Driving License.
    • Bank A/c Statement of Borrower for last 6 months.
    • Verify genuineness of dealer.
  6. Demand Promissory Note
  7. Undertaking by Borrower & Guarantors
  8. Loan Agreement
  9. Surety Bond
  10. Letter of Hypothecation
  11. Letter of Lien and Set-off
  12. Letter of Set- off and Appropriation
  13. Vehicle Transfer Set.
  14. Sec 49(3) letter to be taken if Salaried Person.
Sanctioning AuthorityUpto Rs. 5.00 Lakhs Branch Manager/Branch In-charge
Above Rs.5.00 Lakhs to Rs.10.00 Lakhs - GM and/or CEO
Above Rs.10.00 Lakhs - Chief Executive Officer
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