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. 4,00,000.00 or 85% of Vehicle invoice value, Road Tax, Insurance , whichever is less for 2 Wheelers. 
  • Maximum of Rs. 40,000,00.00 or 85% of Vehicle Invoice Value, Road Tax, Insurance, whichever is less for new Car/Jeep/Van.

Rate of Interest:

  • 9.50% per annum

Processing Charges:

  • 1.00% of the loan amount.  

Repayment Period:

  • Maximum 4 years for 2 Wheelers
  • Maximum 7 years for Car/Jeep/Van

Documentation:

  • Application form.
  • Invoice/quotation.
  • Form No.29, Pro-note.
  • Agreement subject to hypothecation of vehicle in favour of bank.
  • Photo.