- Hire Purchase Loan is available for purchase of new four wheelers and new Commercial vehicles.
Applicant details :
- Applicant’s last two years Income tax Return / Payslip of last 3 months / Notarized income certificate for joint family.
- Last tax bill / certificate from society chairman/Secretary if applicant owned property
- 3 Photographs of Applicant
- Address proof – electric bill /telephone bill (any one) As per KYC norms
- Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one) As per KYC norms
- Quotation of vehicle
- Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.
- Photograph-2 copies
- Last tax bill
- Last income tax return copy
- Address proof – electric bill /telephone bill (any one)
- Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)
- We give loan up to 85% of quotation of basic price. for transport/ commercial vehical to shareholders and Bank will give loan upto 75% of quotation of basic price to the nominal members.
- Applicant has to take insurance of full value of vehicle in favour of bank.
- The Loan for two wheelers, three wheelers will be repaid with interest in 36 to 60 equal monthly instalments.
- Applicant have to pay margin amount to the bank. Bank will issue Banker cheque of full amount in the name of dealer.
- Applicant have to submit Xerox copy of invoice, receipt, insurance policy, RTO book showing Bank's lien recorded with RTO.
- Applicant has to take share @ 1% of the limit.
- Loan will be granted upto 90% of the quotation of vehicle considering the basic value only.