New Vehicle For Business
New Vehicle For Business :-
Rate Of Intrest 10.50% Period 84 Months Maximum
Eligibility:
A) Any individual / partnership firm / company/ transporters with more than two years of business experience.
B) Applicant must be regular member of our bank.
C) Applicant should be a local resident for at least 3 years in the same location.
D) Individuals with minimum 12 months experience in the field.
E) Applicant should not be a defaulter of any bank.
F) Loan shall be granted to individuals & all forms of business constitutions
Scope:-
Types of Commercial Vehicles included in this loan:
Buses / School & College Bus / Staff Bus
Trucks – Small Truck/Light Truck/Medium Truck/Heavy Truck /Customized Truck/Tankers – Milk Tanker/Water Tanker/Oil Tanker / Chemical Tanker/Petroleum Tanker / Gas Tanker
Tippers. Transit mixers Tempos Any other commercial vehicle as per the norms of RTO
Purpose of the Scheme:-
For purchase of Commercial Vehicle or creation of fixed asset for the purpose of business
Margin:-
20% Margin On Road Price – including comprehensive Insurance Taxes and Registration charges
Security:-
a) Prime Security – Commercial Vehicle purchased
b) Collateral Security – Distress Value – Minimum 50% of the loan amount as acceptable to the bank.
c)’B’ Tenure property is permitted under MDL subject to the following:
i) Vetting of documents be done through our Legal Dept. and in case of any adverse remarks, such property should not be accepted by us.
ii) Proposal should be referred to Head Office.
Repayment Period & Terms
Maximum up to 84 months (Considering nature of activity, ballooning installments based repayment schedule to be fixed) – On case to case basis, six months’ moratorium period with Interest capitalization to be allowed.
Nature of Charge on Security/ies
Hypothecation Charge / Registered Mortgage/Equitable Mortgage/Lien/Assignment (depending upon security). Equitable Mortgage to be allowed subject to deposition of original Title Deeds of immovable property/ies to be mortgaged and subject to Legal
Guarantors
opinion in case of need of expertise. Minimum two credit worthy guarantors being acceptable to the bank
Disbursement
For built up of assets in the business. Directly to the approved vendor/supplier
Penal Charges
2% over & above the normal rate of interest on overdue portion.
Processing Fee [on loan amount]
1.50% of the Loan Amount
Insurance
Comprehensive Insurance cover on prime & collateral security up to valuation of security.
Other Conditions
The applicant borrower should furnish.
1.Identity Proof :- As per our KYC Norms and Driving Licence. [ Compulsory]
2.Residence Proof :- As per Our KYC Norms.
3.Proof of Income Source : –
For Business/ Other professionals :- Income Tax Return & Financial Reports
4.For Agriculturist. : – “TALATHI” Income Certificate,7/12 Extract
1.Quotations should cover all aspects of Vehicle i.e. on Road Price, Insurance, RTO Taxes etc.
2.Any subsequent deviation in original quotation will not be accepted.
3.Undertaking to recover insurance & other charges from applicant’s SB/CD account.
4.Other Conditions: – a) Direct disbursement to dealer of the Vehicle as per quotation and Bills, Stamped Receipts & Invoices should be kept on bank’s record.
b) Margin money should be confirmed.
c) Bank’s Hypothecation charge on RC book of the vehicle should be noted.
d) TTO forms duly signed by the borrower should be kept on bank’s record.
e) For Tie-up arrangement of repayment of proposed EMIs of hire purchase loan, borrower should maintain sufficient balance in his saving account with the branch to take care of monthly repayment of hire purchase loan installment.
f) Comprehensive insurance of security/ies through our Banks tie-up company, should be drawn as per bank clause against all risks & up to the valuation of security/ies at the time of renewal.
g) The bank reserves it’s right to share credit information of the borrower company as deemed appropriate with Credit Information Company/ any financial institution / bank approved by The Reserve Bank of India from time to time.
h) The branch shall recover monthly installment/s from the SB / CD account as per standing instructions / PDC’s shall be submitted to the concerned bank for collection.
New Vehicle For Personal
New Vehicle For Personal:-
Rate Of Intrest 9.00% Period 84 Months Maximum
Electric Vehicle For Personal:-
Rate Of Intrest 8.50 % Period 84 Months Maximum
Eligibility:-
a) Applicant must be a regular member of our bank. Rate Of Interest 8.50 % Period 84 Months Maximum
b) Loan shall be granted to individuals & all forms of business constitutions.
c) Applicant must have duly satisfied KYC Norms.
d) Applicant should not be a defaulter of any bank.
e) Minimum CIBIL Rating shall be above 750
Scope:-
The Scheme is available for any individuals & Business Constitutions.
Purpose of the Scheme:-
To finance purchase of new car for private use (up to 8 seater)
Conditions:-
i) CIBIL score above 750.
ii) Min. 3 years ITR (Filed on or before due date)
iii) Guarantors should not have given guarantee to any other loan.
iv) Two Guarantors with a minimum net worth of Rs. 20 Lakh.
v) Minimum Rs. 10000/- balance in a savings account. ROI @ 9.00 % p.a. (Note:- Deviation not allowed )
Margin:-
20 % of new car (on road price)
Maximum Loan amount:-
80 % Of on road value of vehicle
Security:-
New car to be purchased
Nature of Charge on security/ies:-
Hypothecation Charge to be noted with office of Regional Transport Office.
Guarantors:-
Two guarantors of high net worth.
Disbursement:-
in the favour of authorized dealer only.
Linking Shares
2.50 % of Loan Amount
Processing Charges [on loan amt]
1.5%
Insurance
Comprehensive Insurance cover on prime & collateral security up to valuation of security.
Other Conditions
This Scheme will be governed as per our Credit Policy & applicant has to fulfill all norms narrated under this Scheme.
Norms for salaried person
Net salary after deduction of E.M.I. Should be 30% of gross salary & minimum amount should not be less than 20000/- per month (spouse income will be included)
Norms for non-salaried person
For non-salary class, income after deduction of tax & EMI shall be minimum Rs. 240,000/- per annum
Credit policy
All other norms as per our credit policy should be observed
Second hand Four Wheeler (For personal use) :
Prime Condition
a. In any case, the Vehicle should not be older than 8 years.
b. Finance will be done on the basis of the Valuation Report of a Vehicle.
CIBIL Score
CIBIL score of Borrower and Guarantor should be more than 700.
Margin
50% of Valuation of Vehicle.
Eligible Borrower
All Individual & Business Institution should be existing customers of our bank having good track record and account with us.
Prime Security
Car to be financed.
Collateral Security
Bank can ask for Life insurance policy or Post Savings, FD etc. on case to case basis.
Rate of Interest
13.00% p.a. rebate @ 1.00 % on regular repayment basis
Maximum Repayment Period
Up to 36 months
Maximum Age of Borrower
Between 25 years to 60 years.
other term & condition applicable as per new vehicle loan
