Vehicle Loan

Vehicle Loan

The Bank provides loans to purchase two wheelers/four wheelers for personal use only.
Terms:
  • Any individual working and residing in Bangalore city is eligible for the loan.
  • Both the applicant and surety provider should b nominal members of the bank.
  • Any one of them should produce his salary certificate or IT returns with 3 years Balance sheet.
  • Maximum Rs. 2,50,000.00 or 80% of Vehicle invoice value, Road Tax, Insurance , whichever is less for 2 Wheelers. 
  • Maximum of Rs. 20,000,00.00 or 80% of Vehicle invoice value, Road Tax, Insurance , whichever is less for new car/Jeep or Van.

    Rate of Interest : 10.00% per annum
 
 
Processing Charges: 
  • 1.00% of the loan amount.  
Documentation:
  • Application form.
  • Invoice/quotation.
  • Form No.29, Pro-note.
  • Agreement subject to hypothecation of vehicle in favour of bank.
  • Photo.