Purpose

• Purchase of new Two-wheeler viz. scooter/motor cycle/moped etc.

Who Can Borrow

• Individuals (Salaried employees/businessmen) in the age group of 21-60yrs
• Subject to minimum net annual income Rs.85000/-

Loan Amount

• 85% of the cost of the vehicle (ex showroom cost + insurance + registration charges)

Margin

• 15% of the cost of vehicle (ex showroom cost + insurance + registration charges)

Repayment

• Maximum 36 months *

*For costly vehicles the repayment period can be extended at the bank’s discretion

Rate Of Interest

• The rate of interest as decided by the bank from time to time would be applicable.

Security

• Hypothecation of vehicle.

Guarantee

• Two guarantors acceptable to the bank.

Processing Charges

• 1% of the loan amount + GST

Share Holding

• 1.5% of the loan amount.

Documents Required

• Photograph , PAN and KYC documents of borrower and guarantor
• Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
• Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
• Proforma Invoice of the dealer.