90% of cost of vehicle (excluding RTO tax insurance and accessories ) of 8 times of monthly Gross Salary or Rs. 1,00,000/- whichever is less.
Margin
10% of cost of vehicle
Repayment
-60 monthly installments.
Other Conditions
Total deductions including proposed loan installment should not be more than 60% of monthly gross salary income.
The latest salary certificate duly signed by the competent authority to be obtained as per bank’s proforma.
In case of professionals, self employed persons and retail traders the applicant should have adequate source of income to repay bank installments.
A declaration from the borrowers about the vehicle under pledge/hypothecation to the bank as security for repayment of the above said term loan to be filled in after purchase of vehicle and submission of bills- Annexure-A.
Two blank T.O./T.T.O. forms signed by the borrowers (Form No. 29/30)
Two blank form No. 26 to be signed by the borrower / owner of the vehicle, required in case of lost/misplaced R.C. book.
Form No. 34 to be signed by borrower/owner of the vehicle, for entering Hypothecation of bank, with R.T.O., in case if party has not entered hypothecation of bank.
Comprehensive Insurance policy to be assigned in favour of our Bank.
