Individuals /Business Concerns having a net Salary/Income not less than 5000/- per month and professionals/others who earn not less than Rs. 75000/- per annum (as per IT return) including those already enjoying credit facilities from the bank are eligible for consideration under the scheme. For the computation of net salary/income ,the salary/income of the spouse to be added provided he/she stands as a co-obligant to the loan.
Loan may be granted for acquiring two wheeler vehicle only.( Loan is not to be made for the purchase or second hand Vehicles)
- Permissible amount of Loan:
10 months net salary / income subject to maximum of RS.35000/- is permissible amount of loan. As already stated , for the purpose of computation of net salary , the salary of the spouse may be added subject to the condition that the spouse will stand as co-obligant to the loan.
Hypothecation of vehicle to be purchased
Along with the applicant, the spouse / or may other individual who is fulfilling the eligibility criteria under the Scheme is to stand as Co-obligant.
Repayment is to be made within a maximum period of 36 months in equated monthly instalments.And No moratorium period is to be allowed.
A comprehensive insurance cover is to be obtained at the cost of the borrower with bank clause.
Processing Fees at 1% of the loan amount to be charged. And no other hidden charges as charged by other banks
Disbursement of the loan is to be made directly to the seller or supplier.