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COMMERCIAL VEHICLE LOAN

LOANS TO INDIVIDUALS FOR THE PURCHASE OF AUTO RICKSHAWS/TAXI, MOTOR BUSES, LIGHT COMMERCIAL VEHICLE, LORRIES (WITHIN THE MEANING OF SMALL TRANSPORT OPERATORS)

MAXIMUM AMOUNT OF LOAN: RS. 15.00 LACS

Rate of Interest: 13% P.A. (Calculation of interest rests monthly)

REPAYMENT PERIOD: WITHIN 7 YEARS IN MONTHLY INSTALLMENTS.

Terms and Conditions:

i) Loanee should be nominal the member of the bank.

ii) Maximum 80% of total price of the vehicle shall be released.

iii) 2 govt. guarantors known to the bank.

iv) Loanee should be the resident of Chandigarh

v) Hypothecation of the vehicle in favour of the bank.

vi) The borrower should get his vehicle registered with the Registering Authority of Chandigarh only.

vii) 5 Advance Cheques in favour of bank for repayment of loan.

viii) Full insurance cover of vehicle in favour of the bank.

ix) Proof of income for repayment of loan

x) The borrower should produce income tax return/form 16-A for last 3 years.

xi) The total payment from the bank would be made in favour of the Agency /dealer through A/c Payee Cheque/Draft only.

xii) Bank account statement for the last 6 months.