Sarvo Vahaan

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% For Two Wheeler :-10%
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.
INSURANCE	First insurance to be taken by dealer on cost of Vehicle From renewal Insurance be taken by Bank.
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.