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Car Loan

Two Wheeler Loan

  • Purchase of Two Wheeler
  • All Salaried class people.
  • Professionals, Self employed and Retail Traders.

Limit

  • 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.

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