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)
- Mode 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
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.