Vehical Loan

Sr. No.	Particulars	Two Wheeler Loan	Car Loan
1	Type of loan	Two wheeler loan	Car loan
2	Purpose of loan	To purchase a two wheeler	To purchase a car
3	Eligibility	Borrower should be an Indian. If salaried: permanent employee with Prov. Fund deduction & minimum Rs. 2.40 lakhs annual income. If businessman or agriculturist: should be our existing customer with satisfactory past experience & good conduct of account, & should have minimum Rs. 0.75 lakhs annual income. EMI/NMI ratio should not exceed 60%.	Borrower should be an Indian. If salaried: permanent employee with Prov. Fund deduction & minimum Rs. 4.00 lakhs annual income. If businessman or agriculturist: should be our existing customer with satisfactory past experience & good conduct of account, & should have minimum Rs. 4.00 lakhs annual income. EMI/NMI ratio should not exceed 60%.
–	Age limit	18 years to 65 years	18 years to 65 years
4	Limit of loan	80% of cost of vehicle (Cost of vehicle includes registration, insurance & GST)	80% of cost of vehicle (Cost of vehicle includes registration, insurance & GST)
5	Margin	20%	20%
6	Rate of interest	Base Rate 9.15% + 2.50% = 11.65%	Up to & inclusive of loan of Rs. 25.00 lakhs: Base Rate 9.15% + 0.25% = 9.40% p.a. with monthly rest. For loan above Rs. 25.00 lakhs: at Base Rate 9.15% p.a. with monthly rest.
6a	Registration	Registered with RTO	Registered with RTO
7	Linking share	Nominal share should be applicable up to loan of Rs. 1.00 lakh. Above Rs. 1.00 lakh: @ 2.5% of loan amount above Rs. 1.00 lakh.	2.5% of loan amount, maximum Rs. 5,000/-.
8	Guarantor	One guarantor acceptable to Bank, who should be a nominal share holder.	One guarantor acceptable to Bank, who should be a nominal share holder. No guarantor if applicant is service class.
9	Repayment period	Maximum 36 months	Maximum 84 months
10	Moratorium period	Not applicable	Not applicable
11	Security	Hypothecation of the two wheeler which is to be purchased. Bank's charge on R.C. of vehicle.	Hypothecation of the car which is to be purchased. Bank's charge on R.C. of vehicle.
12	Insurance	Comprehensive insurance with Bank's charge noted on insurance policy. The premium amount of life insurance to protect the liability against life, if applicant opts, can be considered without margin in project cost.	Comprehensive insurance with Bank's charge noted on insurance policy. The premium amount of life insurance to protect the liability against life, if applicant opts, can be considered without margin in project cost.
13	Disbursement	Directly to the dealer, with margin of borrower.	Directly to the dealer, with margin of borrower.
14	Processing fee	0.50% + GST on sanctioned loan	0.50% + GST on sanctioned loan, maximum Rs. 12,500/-.
15	Charge on vehicle	Hypothecation charge of Bank should be required on RTO registration.	Hypothecation charge of Bank should be required on RTO registration.
–	Documents	For salaried person KYC documents with permanent and present address proof & passport photo. Latest Form 16 or IT return. Latest salary slip. Last six months' bank account statement where salary is credited. For businessman KYC documents with permanent and present address proof & passport photo. Last two years' financials with tax returns. Last one year statement of account from which his business transactions are routed. Documents of business establishment like GST registration, Shop Act licence etc. For agriculturist KYC documents with permanent and present address proof & passport photo. 7/12 extract. Statement of accounts wherein the transactions are routed. Income will be assessed considering type of land area, cropping pattern, cost of cultivation etc.	For salaried person KYC documents with permanent and present address proof & passport photo. Latest Form 16 or IT return. Latest salary slip. Last six months' bank account statement where salary is credited. For businessman KYC documents with permanent and present address proof & passport photo. Last two years' financials with tax returns. Last one year statement of account from which his business transactions are routed. Documents of business establishment like GST registration, Shop Act licence etc. For agriculturist KYC documents with permanent and present address proof & passport photo. 7/12 extract. Statement of accounts wherein the transactions are routed. Income will be assessed considering type of land area, cropping pattern, cost of cultivation etc.
16	Other	Board of Directors is empowered to consider scheme for bulk business on case to case basis on the merits of security and recovery arrangement, and to consider concessions for such business.	Board of Directors is empowered to consider scheme for bulk business on case to case basis on the merits of security and recovery arrangement, and to consider concessions for such business. Deviation in age up to 70 years and loan liquidation up to 75 years of age may be approved by one stage higher than sanctioning authority, on case to case basis. LCM has powers to waive the guarantor, if the applicant is our existing customer and has availed credit facility with satisfactory past experience. LCM has powers to consider waiver of processing fee for high value car loan of above Rs. 25 lakhs, if the applicant is service class or our existing customer and has availed credit facility with satisfactory past experience.

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