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FAQs >>Loans
>> Vehicle Loan
Description
FAQs on Vehicle Loan
1. Who can apply for this loan?
Any individual having well source of income can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be between 21 yrs.
3. How much loan I can get?
80% of Ex-Showroom price of vehicle or 15 Lacs of loan or as per repaying capacity from the income of the loanee whichever is less.
4. Where can I utilize this loan amount?
To purchase motor vehicle.
5. In how much time I can repay this loan?
The Loan can be repaid within 60 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
10.50% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% maximum RS. 2000/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Income Proof, Quotation of Vehicle, Driving License, a/c Statement or J form, Id Proof, Residential proof,
10. Will there be any Collateral Security Required?
No collateral security is required, But Hypothecation of the Vehicle on the name of bank And 2 Guarantors required to stand as Surety for repayment of this loan
Description
FAQs on Two Wheeler Loan
1. Who can apply for this loan?
Any Farmer having agriculture land and is member of PACS can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be minimum 21 yrs.
3. How much loan I can get?
85 % of Ex-Showroom price of vehicle or 0.50 Lacs whichever is less.
4. Where can I utilize this loan amount?
To purchase motor cycle.
5. In how much time I can repay this loan?
The Loan can be repaid within 60 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
12.00% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% of the Sanctioned amount maximum RS. 200/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Income Proof, Quotation of Motor cycle, Driving License, a/c Statement or J form, Id Proof, Residential proof,
10. Will there be any Collateral Security Required?
No collateral security is required, But Hypothecation of the Vehicle on the name of bank And 2 Guarantors required to stand as Surety for repayment of this loan.
FAQs on Vehicle Loan
1. Who can apply for this loan?
Any individual having well source of income can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be between 21 yrs.
3. How much loan I can get?
80% of Ex-Showroom price of vehicle or 15 Lacs of loan or as per repaying capacity from the income of the loanee whichever is less.
4. Where can I utilize this loan amount?
To purchase motor vehicle.
5. In how much time I can repay this loan?
The Loan can be repaid within 60 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
10.50% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% maximum RS. 2000/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Income Proof, Quotation of Vehicle, Driving License, a/c Statement or J form, Id Proof, Residential proof,
10. Will there be any Collateral Security Required?
No collateral security is required, But Hypothecation of the Vehicle on the name of bank And 2 Guarantors required to stand as Surety for repayment of this loan
FAQs on Two Wheeler Loan
1. Who can apply for this loan?
Any Farmer having agriculture land and is member of PACS can apply for this loan.
2. What would be minimum or maximum age for getting this loan?
Age should be minimum 21 yrs.
3. How much loan I can get?
85 % of Ex-Showroom price of vehicle or 0.50 Lacs whichever is less.
4. Where can I utilize this loan amount?
To purchase motor cycle.
5. In how much time I can repay this loan?
The Loan can be repaid within 60 Months.
6. Can I prepay this loan?
Yes, loan can be prepaid without any prepayment charges.
7. What would be the Rate of Interest for this loan?
12.00% p.a. or as contracted at the time of advancement on reducing balance.
8. Will there be any Charges?
Yes, Processing Fee @0.50% of the Sanctioned amount maximum RS. 200/-- will be charged before disbursement of loan.
9. What would be the documents required for this loan?
Income Proof, Quotation of Motor cycle, Driving License, a/c Statement or J form, Id Proof, Residential proof,
10. Will there be any Collateral Security Required?
No collateral security is required, But Hypothecation of the Vehicle on the name of bank And 2 Guarantors required to stand as Surety for repayment of this loan.
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