Vehicle Loan

Who can apply

1. 
   
2. Professionals / Self Employed.
   
3. Salaried persons
   
4. Business Men
   

Purpose

1. 
   
2. To purchase vehicle for Private Use
   
3. To Purchase vehicle for Transport Business
   

 Maximum Limit

1. 
   
2. In case of new vehicles 75% of the value of the vehicle amount. 
   

Repayment

1. 
   
2. 60 monthly installments-reducing balance
   

Securities

1. 
   
2. Minimum two Sureties out of which one should be an income tax payer and one should own a vehicle.
   
3. The Borrower and all the sureties should be Regular/Nominal members of the Bank.
   
4. The vehicle which is financed.
   
5. Collateral security
   

Documents Required

1. 
   
2. Loan application
   
3. Residential proof of Applicant and sureties
   

In case of New vehicles

1. 
   
2. Proforma Invoice
   
3. Quotation of Body Cabin
   
4. Margin money challan
   
5. Letter for transport company
   
6. Saving/Current Account Statement
   
7. Proof of Occupation and Income
   
8. Certified Balance sheet and Profit & Loss A/c. Statements of the borrowers and sureties other than salaried persons.
   
9. In case of salaried persons pay slip of last three months.
   
10. Other certificates
    
11. Any other document required by bank.
    

In case of Old vehicles

1. 
   
2. RC Book original
   
3. Valuation Report
   
4. Xerox copy of permit
   
5. Xerox copy of insurance
   
6. Tax book copy
   
7. Fitness certificate copy
   
8. Account of Business
   
9. Saving/Current Account Statement
   
10. Proof of Occupation and Income
    
11. Certified Balance sheet and Profit & Loss A/c. Statements of the borrowers and surities other than salaried persons.
    
12. In case of salaried persons pay slip of last three months.
    
13. Other certificates
    

Any other document required by bank.