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Vehicle Loan
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Eligibility
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Member of the Bank
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Area of Operation
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Bangalore Urban District as per byelaws
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Number of sureties required
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One (Surety should compulsorily be a member of our bank)
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Documents required substantiating the purpose of loan:
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Invoice from the vehicle dealer, driving license, Proof for margin money.
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Documents required: As applicable to security offered
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1.
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Quotation (invoice) of showroom
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2.
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Form No.20 - 2sets
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3.
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Form No.29 – 2sets
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4.
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Form No.30 – 2sets
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5.
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Applicant and Surety holder photo
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6.
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Applicant & Surety (if advocates) Last 3 Years IT returns
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7.
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Applicant & Surety (if Govt Employees) Salary Certificate
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8.
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Rs. 200 Stamp Paper
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Bank rule and other information for above loan
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1.
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Rate of Interest 9.5%
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2.
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Period 36 Months for two wheeler and 60 months for four wheelers
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3.
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85% of On Road Value
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4.
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Service Charge Rs. 500 /-for two wheelers and Rs. 1000/- for four wheelers and Rs.300
for document Charges + GST Charges
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5.
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Maximum loan amount of Rs. 25 lakhs and 2% penal interest per annum
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The above rules were subject to revision from time to time as per the directives
of Reserve Bank of India or as per the decision of the Board of Directors.
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Maximum limit
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Rs.25.00 lakhs
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Margin
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85% of On Road value
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Income Proof
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IT returns
Rental agreement
The applicant should furnish full information about his source of income/ income
generating capacity along with documentary evidence to assess his repaying capacity.
Any other income proof acceptable to the Bank.
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Documents required: As applicable to security offered
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1. Copy of Driving License
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2. Vehicle key, RC Book and insurance
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Charge on the Vehicle
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Vehicle should be hypothecated to the Bank
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Insurance
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The vehicle should be comprehensively insured with Bank
clause and borrower should arrange for renewal of insurance policy every year at
his cost and produce the policy within the due date. In case the borrower fails
to produce the insurance policy the bank shall arrange to get the insurance coverage
for the vehicle by debiting the loan account.
The borrower shall get the mortgaged property insured against
fire and other risks and the premium has to be paid by the borrower. Such fire policy
shall be in the name of the borrower with Bank clause and renewed every year and
if the borrower fails to do so the bank is empowered to debit the members’ account
and renew the insurance.
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