Vehicle Loan

Loans for purchase of new Car/Scooter/Motor Cycle etc.

S No.	Title	Description
1.	Eligibility	Any Individual bonafide member of the bank, having minimum monthly salary of 10,000/- for car loans.
2.	Margin	15 % of the ‘On Road Price’
3.	Purpose	Purchase of New Car, Scooter, Motor Cycle etc
4.	Security	Hypothecation of vehicle financed by the bank. Registration of Bank’s charge with RTO.
5.	Collateral Security	Mortgage of immovable property or pledge of any other security of adequate value to the satisfaction of the Bank for a loan of more than 15.00 lakhs.
6.	Repayment	Up-to maximum of 84 equal monthly instalment with interest, subject to repaying capacity of the borrower.
7.	Rate of Interest and other charges	As per Bank’s rules.
8.	Sureties	Depends up-on case to case.
9.	Other Conditions	Payment direct to the Vendor for full cost of the Vehicle as per Performa Invoice, subject. To recovery of margin money from the borrower. Insurance of the vehicle financed to be produced every year. Copies of Invoice and Receipt to be obtained and kept on record till the liquidation of Bank’s entire dues.

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