OLD VEHICLE LOAN TO PUBLIC

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

MAXIMUM REPAYMENT PERIOD: 7 YEARS IN EQUAL MONTHLY INSTALLMENTS

i) Loanee and guarantors should be resident of Chandigarh.

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

iii) Two good sureties known and acceptable to bank and branch manger shall satisfy himself about the credibility of the loanee & sureties.

iv) 5 Advance cheques in favour of bank.

v) The vehicle will be hypothecated in favour of bank

vi) Payment will be made in favour of the person from whom the borrower has purchased the second hand vehicle 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 got transferred within 30 days from the date of advancement of the loan with the Registering authority at Chandigarh.

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) NCR report from concerned police department (CHD POLICE HQR.)

xiv) The vehicle ought to be registered with Registering Authority of Chandigarh.

xv) No advancement be made to purchase the old/second hand vehicle which is registered with other than the registering authority of Chandigarh.

xvi) Agreement of sale and purchase of the said vehicle should be submitted with loan application.

xvii) Vehicle should not be older than 4 years.

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