Vehicle Loan

Vehicle Loan Scheme

 

General Information

  1. Maximum repayment period                  - 7 years or Age of 60 years (which ever less)

  2. Rate of Interest                                   - For New: 8.40-8.50%

                                                                       For Old: 11-11.50%

​                                                                       For Two Wheeler: 10%

 

Under noted  Documents Required for four wheeler / two wheeler Loan

A:- Before sanction of loan :-

 

                1- 5 Passport size photographs.

                2- Photo copy of  proof of Identification ( Aadhar Card/ Voter ID/ Passport/Pan Card).

                3- Photo copy of proof of Residence (Aadhar Card/electricity bill/Ceiling of  gas connection / Passport etc).

                4- Photo copy of Driving License.

                5- Photo copy of Pan Card.

                6- Account statement last six months / photocopy of passbook.

                7- Income proof (Latest salary slip + Form-16 or ITR for Three Years with computation for businessmen & others.

                8- Quotation of vehicle to be purchased duly signed by the applicant.

                9- Two Guarantors required

                Documents required from each guarantor

                                1- 3 Passport size photographs.

                                2- Photo copy of  Identity & Address proof (As 2 & 3above).

                                3- Photo copy of Income/Net worth proof (Salary slip + form 16/

                                    ITR last 3 years).

                                4- Account statement last six months /Photocopy of pass book.

 

note:- All documents must be Self attested.

B:- At the time Disbursement of loan :-

                1-  5 Revenue stamp

                2- 3 stamp papers for Rs. 100/- each in Borrower's name.

                3- Notarized affidavit as on Bank format.

                4- Form 34 & Form 35 (2 copy).

                5- Saving Account in our bank.

                6- Share money : 2.5% of loan amount

                7- Charges as per Bank rule :-

                                (I)-Processing fees: 0. 5% of Loan amount + 18% GST (max. 20,000/- +

                                                              18% GST)          

                                (II)-Application fees : 20/- + 18% GST

                                (III)-Membership fees : 10/- + 18% GST (each borrower)

                                (IV)-Nominal membership fees of both guarantors.

                                (V)-CIBIL Charges.