| 1 |
Persons Eligible |
- Any Indian National |
|
|
- Person must be SALARIED / PROFESSIONAL |
|
|
|
| 2 |
Purpose of Loan |
- For purchase of 4-wheeler for personal use |
|
|
|
| 3 |
Maximum Limit of Loan |
- 75% of the quotation (on-road) price |
|
|
(Owners Contribution- Minimum 25% of Quotation [on-road] price to be deposited in Cash) |
|
|
|
| 4 |
Service Charge |
- 1% of the Loan Amount. |
|
|
|
| 5 |
Rate of Interest |
- Varies from time to time (as per interest rate circular) EMIs to be calculated on the basis of reducing balance at simple rate of interest. |
|
|
|
| 6 |
Period of Repayment |
Maximum upto 60 Monthly Installments |
|
|
|
| 7 |
Security |
|
| a) |
Cash Security |
-25% (own contribution) of the Loan Amount as FD/CC in Branch concerned. [30% of loan amount in case of NSC/ KVP / LIC (surrender value)] |
| b) |
Collateral Security |
- Hypothecation of the car with charge in favour of Bank during registration of vehicle |
|
|
- 02 guarantors with sound financial position |
|
|
- Full value Comprehensive Insurance of the car with Bank clause (at borrower's cost) |
