AG. Vehicle

Significant Features:

For the purchase of new vehicle 75 % of Value of vehicle is sanctioned (max).

For the purchase of Old vehicle Up to 5 years old.

Truck, Matador, Station Wagon, Tractor etc.

  • 5 Years Old 50 % of Value.

Bank may seek opinion of valuer for old vehicle:

  • Normal Installment is Rs. 31.55 per 1000 Rs. Of Loan.
  • Additional Security i.e. Land/Building /F.D./NSC/L.I.C. Policy May Be Asked.
  • 25% Margin Money Should Be Deposited in Bank.
  • 40 Equal Installment for Advances Upto 1 Lac Rs. & Rate Of Int. 13.50%
  • 40 Equal Installment for Advances above 1 Lacs to 10 Lacs Rs. & Rate of Int. 14.25%

Other Requirement:

  • Quotation of Vehicle.
  • Two Person for Guarantor of Bank Member.
  • Copy of Smart Nagarik Card.
  • Source of Income applicant & guarantor both.
  • Additional Security i.e. Land/Building /F.D./NSC/L.I.C. Policy.
  • 25% Margin Money Have to Deposit in Bank.
  • After sanction of loan Applicant must submit.
  • Agreement of Hypothecation of Vehicle.
  • Security Deposit or Rs. 1000/- for 2 Wheeler.
  • Security Deposit or Rs. 3000/- for 3 Wheeler.
  • Security Deposit or Rs. 10000/- for 4 Wheeler.
  • Security Deposit Will refundable after submit a bill of vehicle, HPA and Other Document produced by lone.
  • Forms like T.O., T.T.O., H.P.A.
  • C.R.L.D, H.P.A. Form, AND E.Form.
  • Latter of Guarantee From Company.

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