LOANS & ADVANCES
“Sarvo Vahaan” loans are offered to customers who wish to purchase 2 and 4 wheelers. The loan is given both on new as well as old vehicles, at attractive terms.
|PURPOSE||Purchase of Private / Commercial vehicles : (New or second hand) & Purchase of Two Wheeler (New Only)|
|ELIGIBILITY of Loan||A] For Private Vehicles (New)
1) Max. Rs.20.00 Lacs: – 75% to 80% of Invoice
including Insurance & Taxes.
For Private Vehicles (Second hand)
50% of valuation or insured amount, whichever is less (Vehicle should be 3 years old)
2) For Two Wheeler (New)
90% of invoice including Insurance & Taxes
(Higher limit may be considered for existing customers with good past record or if cash collateral / mortgage of immovable properties is offered)
B] Repaying Capacity = Net Mthly. Salary / Income Less other deductions (EMI of other Bank Loan) Less Take home mthly. salary / Income. (Take Home = 33% of Gross Mthly. Salary / Income)
C] Eligible Loan Amount = Repaying Capacity X 100000 / EMI Factor
|REPAYMENT PERIOD||For Private Vehicle Loans :-
Up to 60 installments.
For Commercial Vehicle Loans :-
Up to 60 installments inclusive of initial holiday period of 3 months.
Two additional months holiday to be granted during rainy season every year (10 months for 5 years period) if demanded.
For Two Wheeler :-
Up to 4 years.
Note: – Interest shall be paid by the borrower during holiday period.
|RATE OF INTEREST||For Private Vehicles (New) & Two Wheeler – 14%
For Second hand (Private & Comm.) – 15%
|MARGIN||For Pvt. Vehicle :-
1) New – 20% to 25%
2) Old – 40% to 50%
|MEMBERSHIP||Regular for the App. & both sureties.|
|SURETIES||For Pvt. Vehicle :-
2 Income Tax payer sureties.
For Two Wheeler :-
1Income Tax payer sureties.
|PRIME SECURITY||Hypothecation of vehicle – Charge to be registered with RTO.|
|COLLATERAL SECURITY||Collateral security in the form of LIC / NSC / KVP / RBI Bonds /Flat / Room documents etc. may be obtained with consent of party.|
|PROCESSING CHARGES||1.5% of sanctioned amount + Service Tax.|
|SHARE LINKAGE||2.5% of sanctioned amount.|
|OTHERS||In case of customer with good past record of repayment of earlier loans and / or utilization of limits of cash credit account with present good repayment capacity, Board may consider sanction of higher limit.|