Vehicle Loan

  1. Application for Vehicle loans from the members shall be accepted subject to the condition that:
    i.He shall become a nominal member of the Bank. 
    ii.The Branch Manager shall be satisfied about the eligibility, repaying capacity, stability, security and purpose of loan.
    iii.The applicant shall furnish following document.:
    a. Seller Consent Letter/invoice (Cost of Chasis and estimate of body building).
    b.Registration Certificate.
    c.Tax Card
    d.Comprehensive Insurance Certificates.
    e.Permit
    f.Valuation Report.
  2. Maximum Limit: 
    The maximum amount of loan for two wheeler is 50000.00 and for four wheeler  is Rs.6.00 Lakhs. The limit is fixed by the Board from time to time. 
  3. Margin: 
    Loans may be granted upto
    i.70% of the cost in case of new vehicle.
  4. Period:
    The period for repayment for two wheeler loans shall not exceed 36 months. And for repayment period for Four wheeler is 60 months.
  5. Rate of Interest:
    The Rate of Interest shall be as decided by the Board from time to time subject to the directives of the Reserve Bank of India