| Quantum |
Min
: Rs.
50,000/-
Max : Rs. 8,00,000/-
Not exceeding Rs. 5 lacs for old vehicles
Net take home salary should be 50% of gross
salary after EMI of proposed loan |
| Margin |
20%
of the cost of the vehicle including standard
accessories, initial registration fees, insurance
fees and one time tax
35% in case of second hand vehicles |
| Eligibility
Criteria |
Salaried
employees with a minimum salary of Rs. 10,000/-
per month and confirmed
service of at least two years
Self employed
professionals and other individuals,
having permanent ownership residence in Mumbai,
on merit |
| Security |
Hypothecation
of the said vehicle and noting of charge with
RTO.
In absence of check-off facility additional
collateral to cover atleast 40% of loan amount
in the form of specified security OR Third
party guarantee from existing depositors /mass
clients /individual for the loan amount |
| Insurance |
Comprehensive
insurance policy with agreed Bank clause,
to be renewed periodically
during entire tenure of the loan at borrowers
cost. Copy submitted to Bank for record. |
| Charges |
1% of
loan amount. |
| Repayment |
12
months to 84 months for new vehicles not exceeding
36 months for old vehicles, Customers choice |
| Prepayment |
No
pre-payment penalty |
| Disbursement |
Through
Pay Order favouring the seller/dealer after
receipt of margin amount from borrower. |
| Appraisal
Docs |
| 1.
Attested copy of latest salary slip
& Form 16 for salaried employees |
| 2.
Income tax returns for the last 3 years
for self-employed persons |
| 3.
Pass book or bank statement for last
six months |
| 4.
Proof of Age and Residence |
| 5
.Proforma Invoice/quotation for vehicle
to be purchased |
| 6.
Valuation certificate from reputed garage
for second hand vehicle |
|
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