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.