Purpose
For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Moped(s), (subject to Registration of vehicle with RTO).
Eligibility
- Salaried with minimum 6 months service in present organization, Self-employed with experience of more than one year (Based upon declaration/bank account/ITR etc.)
- Student with their parents/guardian as co-borrowers
- Note: Individuals should be in the age group of 18 years to 65 years and should hold valid driving license.
- In case of students age of parents/ guardian is to be considered and in that case driving license may be in the name of Student/ Parents/ Guardian.
Income Criteria
- Proof of Income
- Minimum Net Monthly Salary/Income (GMS/I) of Rs.8,000/- p.m including the proposed two wheeler loan installment.
- In case of students, Income/salary proof of parent/ guardian who will be co-borrower be considered.
- Latest 3 salary slips along with Form 16/ ITR of previous year in the case of salaried borrower(s);
- ITR of previous year in the case of self employed individuals
Quantum Of Finance
Need based (Max Rs 60000.00)
Margin
10% of ex-showroom price
Security
Hypothecation of 2 wheeler financed from bank loan Guarantee acceptable to bank as per guidelines
Repayment (Maximum)
Max 36 months
Maximum Permissible deductions – All deductions including the proposed Two-wheeler loan installment should not exceed 50% of Gross Monthly Salary/ Income (GMS/ I)
Prepayment Charges
Nil
Rate Of Interest
“BANK WILL CHARGE INTEREST ON ALL ADVANCES, UNLESS OTHERWISE SPECIFIED ON THE BASIS OF 365 DAYS PER YEAR”.