Vehicle Loan

  • Hire Purchase Loan is available for purchase of two wheelers, three wheelers, four wheelers and for Commercial vehicles and also for purchase of 5 years old car with good condition.

Applicant details :

  • Applicant’s last two years Income tax Return / Payslip of last 3 months / Notarized income certificate for joint family.
  • Last tax bill / certificate from society chairman/Secretary if applicant owned property
  • 3 Photographs of Applicant
  • Address proof – electric bill /telephone bill (any one) As per KYC norms
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one) As per KYC norms
  • Quotation of vehicle
  • Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.

Guarantor Details

  • Photograph-2 copies
  • Last tax bill
  • Last income tax return copy
  • Address proof – electric bill /telephone bill (any one)
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)

Conditions

  • We give loan up to 85% of quotation of basic price. for transport/ commercial vehical to shareholders and Bank will give loan upto 75% of quotation of basic price to the nominal members.
  • Applicant has to take insurance of full value of vehicle in favour of bank.
  • The Loan for two wheelers, three wheelers will be repaid with interest in 36 to 60 equal monthly instalments.
  • Applicant have to pay margin amount to the bank. Bank will issue Banker cheque of full amount in the name of dealer.
  • Applicant have to submit Xerox copy of invoice, receipt, insurance policy, RTO book showing Bank's lien recorded with RTO.
  • Applicant has to take share @ 2.5% of the limit.