- Application for Vehicle loans from the members shall be accepted subject to the condition that:
i.He shall become a nominal member of the Bank.
ii.The Branch Manager shall be satisfied about the eligibility, repaying capacity, stability, security and purpose of loan.
iii.The applicant shall furnish following document.:
a. Seller Consent Letter/invoice (Cost of Chasis and estimate of body building).
d.Comprehensive Insurance Certificates.
- Maximum Limit:
The maximum amount of loan for any member in any case including direct and indirect liability shall not exceed Rs.5,00,000/- or the maximum limit fixed by the Board from time to time.
Loans may be granted upto
i.75% of the cost in case of new vehicle.
ii. 60 % of the cost in case used vehicle.
The period for repayment of loans shall not exceed 60 months.
Upto 60 days of moratorium for starting of repayment of installments may be granted in the initial stage for enabling the borrower to get the body of the vehicle build etc., and extra fittings attended to, in case of 4 wheelers only.
- Rate of Interest:
The Rate of Interest shall be as decided by the Board from time to time subject to the directives of the Reserve Bank of India.