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Benefits

Purpose

For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Moped(s), (subject to Registration of vehicle with RTO).

Eligibility

  • Salaried with minimum 6 months service in present organization, Self-employed with experience of more than one year (Based upon declaration/bank account/ITR etc.)
  • Student with their parents/guardian as co-borrowers
  • Note: Individuals should be in the age group of 18 years to 65 years and should hold valid driving license.
  • In case of students age of parents/ guardian is to be considered and in that case driving license may be in the name of Student/ Parents/ Guardian.

Income Criteria

  • Proof of Income
  • Minimum Net Monthly Salary/Income (GMS/I) of Rs.8,000/- p.m including the proposed two wheeler loan installment.
  • In case of students, Income/salary proof of parent/ guardian who will be co-borrower be considered.
  • Latest 3 salary slips along with Form 16/ ITR of previous year in the case of salaried borrower(s);
  • ITR of previous year in the case of self employed individuals

Quantum Of Finance

Need based (Max Rs 60000.00)

Margin

10% of ex-showroom price

Security

Hypothecation of 2 wheeler financed from bank loan Guarantee acceptable to bank as per guidelines

Repayment (Maximum)

Max 36 months

Maximum Permissible deductions – All deductions including the proposed Two-wheeler loan installment should not exceed 50% of Gross Monthly Salary/ Income (GMS/ I)

Prepayment Charges

Nil

Rate Of Interest

“BANK WILL CHARGE INTEREST ON ALL ADVANCES, UNLESS OTHERWISE SPECIFIED ON THE BASIS OF 365 DAYS PER YEAR”.

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Processing Charges/ Upfront Fee

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Documentation Charges

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Above are only salient features of the scheme. For details please contact nearest branch


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