Purpose |
For purchase of new two/Four Wheelers for private use. W ith our Vehicle loans, you can purchase a brand-new two-wheeler /Four Wheeler and payback in easy monthly instalments , with affordable interest rates and minimal processing charges.
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Eligibility |
A company /Firm/ Trust/ Association/Societies availing the loan in its name or in the name of its executive
All agriculturists owning and cultivating agricultural lands of more than 5 acres of irrigated lands/10 acres of dry lands in their name/s with 2 years of satisfactory dealing with us
- Applicant’s minimum age is 21 years and maximum age is 60 years.
- Loanees must be the Associate Member of the Bank
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Security |
Hypothecation of the vehicle to be purchased. Two suitable Guarantors for the Loan amount may be insisted upon. |
Quantum |
Up to 75% of ex-showroom price + including Road tax & Insurance of the new vehicle
Maximum Rs.40.00 Lakhs |
Period |
36 to 60 monthly Instalments. |
Interest Rate |
As fixed by Bank from time to time |
Repayments |
- The entire loan is to be repaid within 36 months to 60 months from the date of sanction as repayment along with interest.
- Interest will be accrued to the account at monthly rests , will become due for payment along with principal at monthly rests.
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Documents Required |
- Photo ID and age proof (like birth certificate or school leaving certificate, life insurance policy, PAN card, passport, driving license),Signed application form with 3 passport size photographs Residence proof like ,Valid passport,Voter Id card,Driving license,Postpaid utility bill (gas bill and electricity bill),Updated passbook or bank account statement,Notarized registered rent agreement,Bank statement for the last six months
- If the applicant is a salaried individual : Last 3 months’ salary slips ,Form 16 or Income Tax Returns,.
- If the applicant is a self-employed individual
- Balance sheet and profit and loss account, computation of income for last 2 years.,Income Tax Returns – last 2 years for Applicants, Form No.26 AS, Traces ,Business proof : Gomasta License, Registration Certificate, Service Tax Registration, among others,IT Assessment / Clearance Certificate, Income Tax Challans / TDS Certificate (Form 16A) / Form No 26 AS for income declared in ITR.
- Vehicle Invoice / Quotation
- ID proof,Income proof of the applicant and 2 guarantors.
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Other Conditions |
All Vehicles financed by Vehicle loans are hypothicated to the bank. The hypothication is removed after the borrower repays the entire Vehicle loan amount |