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. 1,50,000.00 or 75% of Vehicle invoice value, Road Tax, Insurance , whichever is less for 2 Wheelers.
- Maximum of Rs. 20,000,00.00 or 85% of Vehicle invoice value, Road Tax, Insurance , whichever is less for new car/Jeep or Van.
For 2 wheel vehicles: S. No. | Repayment Period | Amount in Rs. | Rate of Interest P.A. | 1 | 36 Months | Upto Rs. 1,50,000.00
| 11.50% | For 4 wheel vehicles: S. No. | Repayment Period | Amount in Rs. | Rate of Interest P.A. | 1 | 5 Years | Up to 5 Lakhs | 10.50% | 2 | 5 Years | Above 5 Lakhs | 11.00% |
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.
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