Individual having age between 21 years to 60 years. If age is above 60 years, then co-borrower is insisted upon.
Vehicle Loan will be granted for purchase of vehicle including car/ jeep/motorcycle for personal use, business use and also for taxi purposes.
Vehicle loan will be granted for Purchase of Second hand four wheeler (True value not more than three year old) vehicles.
75% to 85% of the cost of vehicle including registration charges or 30 times of monthly income whichever is Minimum. With margin of 15% to 25% for new vehicle & 40% to 50% for second hand vehicles.
After execution of loan documents and obtaining request from the borrower, sanctioned loan amount plus margin money, if any, will be disbursed directly to the dealer/seller. A cheque/DD of the disbursable amount will be issued in the dealer’s name with forwarding letter stating that the hypothecation of the vehicle in favour of the bank should be endorsed on the registration of the vehicle to be issued from R.T.O. Similarly, an endorsement of hypothecation will be made on the Insurance Policy. While releasing the sanctioned loan, Branch Manager will ascertain that the borrower has paid some contribution to the dealer/seller as advance money and receipt of the same is furnished or his contribution will be got deposited with the bank and a DD/cheque of the total payment of sanctioned loan so as to ensure that full amount of the vehicle is paid to the dealer/seller.
Branch Manager will take following documents from the borrower:-
- Photocopy of the invoice to be verified by the Branch Manager with original & seal of the bank to be affixed on original specifying hypothecation in favour of the bank.
- Receipts of the payments made by the party and the bank to the dealer.
- Photocopy of the Registration Certificate of the vehicle issued by the RTO, verifying an endorsement in favour of the Bank.
- Photocopy of the Insurance Policy/Cover Note after verifying an endorsement in favour of the Bank.
- The chassis no. /engine no., mentioned on the Registration Certificate be verified from the vehicle at the time of carrying-out the physical inspection of the vehicle.
As applicable from time to time.
Repayment Of Loan
In 3-7 years (36-84months), depending upon the quantum of loan and repaying capacity of the applicant. PDCs must be obtained for monthly instalments.
Hypothecation of the vehicles i.e. car/jeep/motorcycle etc. which is being financed by the bank. An accidental/LIC Policy of the borrower can also be insisted upon..
Four Wheeler Vehicle Loan Above Rs. 6.00 Lac & Repayment Above 60 Month & Upto 72 Months An Additional Security Of Immovable Property Will Be Taken.
If loan to be considered for the vehicle to be used for taxi purposes then an additional security of immovable property may be insisted upon. Tax paid receipt, permit copy and fitness certificate to be obtained for Bank record.
- Vehicle Loan upto Rs. one Lac no Guarantee obtained but Co-borrower must be insisted upon.
- Vehicle loan over Rs. one Lac third party personal guarantee of one person having adequate net worth will be insisted upon.
As per norms may be charged. (0.50% of the loan amount)
ADVANCE FOR PURCHASE/CONSTRUCTION OF COMMERCIAL BUILDING/SHOP APPRAISAL
The main object of the scheme to provide financial assistance to meet the various needs/requirement of the individuals/self-employed persons or Professionals/Business persons for purchase/ construction of commercial building/shop loan.
- a) Individuals (it may include co-borrower) who are –
- Self employed persons
- b) Other – Trust, Firm including partnership firm, Group, Association of persons & Pvt./Ltd. Company.
3. Age Limit
Maximum age limit 60 years. If age is above 60 years than co-borrower be insisted upon.
4. Loan Amount
Admissibility of loan be assessed based on the following –
- 48 times of monthly income or 4 times of yearly income. OR
- On the basis of project report. OR
- Maximum amount up to exposure limit
- 25% of registered value *(including registry expenses).
- In genuine cases loan limit up to 5 times of annual income may be considered.
- Relaxation in margin up to 5% be considered (i.e. up 80% of registered value including registry charges).
Equitable mortgage of legally acceptable title documents of no encumbered shop/commercial building/Urban property which is either self occupied or vacant, which is not mortgaged to any institution/bank for any purpose. In case of shop being purchased from builder in a commercial building/trade centre, the following documents would be required:
- Original stamped agreement executed with the builder on Rs. 500/- stamp paper.
- Receipts of the payment made to the builder.
- Certified copy of permission letter granted by the competent authority to the builder.
- Certified copy of approved plan of building/commercial complex.
- Any other document, if required.
6. Disbursement Of Loan
Term Loan :After execution of loan documents & furnishing of title documents of the property, the sanctioned loan amount of loan can be disbursed in one or two instalments as per applicant’s/borrowers need.
7. Interest Rate
As per interest rates prevailing from time to time, In case O.D. limit, interest would be charged on monthly basis as charged/ calculated on CC/Hyp. Accounts.
8. Personal Guarantee
Besides primary security as detailed above: Third party personal guarantee of two persons having good credentials and adequate net worth shall require to be furnished for the security of the loan.
9. Repayment Period
Term Loan : Maximum of 10 years (120 months) to be recovered in monthly instalments through PDCs.