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VEHICLE LOAN TO PUBLIC

Car/Jeep/Motorcycle/Scooter etc loan to public (Vehicle Loan)

Amount of Loan: 80% of the cost of vehicle to the maximum limit of Rs 15 lacs

Rate of Interest: 11% P.A (Calculation of interest rests monthly)

MAXIMUM REPAYMENT PERIOD:
7 YEARS IN EQUAL MONTHLY INSTALLMENTS

Terms and Conditions:

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

ii) Loanee and guarantors should be resident of Chandigarh.

iii) Two good sureties known and acceptable to bank

iv) 5 Advance cheques in favour of bank.

v) The vehicle will be hypothecated in favour of bank

vi) Full Payment will be made in favour of the dealer through A/c Payee Cheque/ Draft

vii) Full insurance cover of vehicle in favour of bank

viii) Proof of income for repayment of loan or 3 years I.T.R in case of price of vehicle exceeds 2.50 Lacs.

ix) The vehicle should be registered with the registering authority at Chandigarh within 90 days from the date of purchase of vehicle.

x) Bank statement for last 6 months.

xi) The borrower should agree to produce the vehicle for periodical inspection to ensure that it is maintained in satisfactory condition.

xii) Form no 29/Transfer of ownership of vehicle in favor of bank duly signed by the borrower.

xiii) The registration should be with the registering authority of Chandigarh.

xiv) Branch Manager must ensure about the credibility and authenticity of loanee and also ensure about the recovery of loan.

xv) The loanee shall submit the photocopy of R.C. immediately after registration of the vehicle. And after purchase of vehicle he will submit the photocopy of sale letter and insurance of vehicle within 3 days from the date of purchase.