| Who Can Borrow | Individuals, Firms, Companies |
|---|---|
| Purpose | Convenient scheme both for commercial and personal use. |
| Margin | For Regular Vehicle - 80% of invoice cost For Electrical Vehicle - 70% of invoice cost |
| Security | *Purchased Up to Rs.2.00 Lakh- One Person surety *Above Rs.2.00 lakh Property security without Mortgage (Collateral Security) (Hypothecation of Vehicle is Mandatory) One person Surety (must be our Bank Member) *Conditions apply |
| Repayment Period | Two wheeler - 48 Months Three Wheeler Auto & Four Wheeler - 60 Months |
| Processing Charges | For Two Wheeler Rs.1,000/- For Three Wheeler & Above Minimum Rs. 2,500/- + GST (up to Loan Rs. 5 Lakh ) or 0.50 % + GST Whichever is High as applicable from time to time. |
| Share Linking | 5% On Loan Amount + Share Fees Rs.10/- per Share |
| Attractive Features | Competitive Rate on daily reducing with Fixed Rate of Interest. |
| Documentation Charges | As applicable |
| Prerequisites | 1. Individuals employed/engaged in business/having professional income and sound financial. 2. Invoice from the Authorized dealer. 3. Applicant and Sureties Salary certificate/salary slip for consecutive three months. 4. KYC requirement. 5. IT Returns if Loan amount is More Than Rs.2.50 Lakh (Individual) 6. 3 Years IT Returns for Firms and Companies |
| Required Document | 1) Driving Licence 2) Address Proof, ID proof 3) Office id 4) Bank membership 5) Passport Size Photo 6) Other Documents if any. |
| * Terms and Conditions are applicable. |