Vehicle Loan

Hire Purchase Loan is available for purchase of two wheelers, three wheelers, four wheelers and for Commercial vehicles and also for purchase of 5 years old car with good condition.

Loan up to RS.200000/- Rate Of Interest 13.50% and Above RS.200000/- Rate Of Interest 13.00%.

Applicant Details

• Applicant’s last two years Income tax Return / Payslip of last 3 months / Notarized income certificate for joint family.
• Last tax bill / certificate from society chairman/Secretary if applicant owned property
• 3 Photographs of Applicant
• Address proof – electric bill /telephone bill (any one) As per KYC norms
• Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one) As per KYC norms
• Quotation of vehicle
• Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.

Guarantor Details

• Photograph-2 copies
• Last tax bill
• Last income tax return copy
• Address proof – electric bill /telephone bill (any one)
• Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)

Conditions

• We give loan up to 85% of quotation of basic price. for transport/ commercial vehical to shareholders and Bank will give loan upto 75% of quotation of basic price to the nominal members.
• Applicant has to take insurance of full value of vehicle in favour of bank.
• The Loan for two wheelers, three wheelers will be repaid with interest in 36 to 60 equal monthly instalments.
• Applicant have to pay margin amount to the bank. Bank will issue Banker cheque of full amount in the name of dealer.
• Applicant have to submit Xerox copy of invoice, receipt, insurance policy, RTO book showing Bank's lien recorded with RTO.
• Applicant has to take share @ 2.5% of the limit.