Eligibility:

Salaried Persons (Minimum gross salary Rs. 4000/-), Professionals & Self-employed Persons, Businessmen, Agriculturists.

Age:

21 to 60 years. In case of salaried persons, the loan should be repaid 3 months before the date of retirement.

Purpose:

For purchase of a new engine driven two wheeler

Loan Amount:

Maximum Rs.40,000/- including cost of insurance and Road Tax

Margin:

10% of the total cost on road.

Rate of Interest:

PLR - 1.00%

Security:

• Hypothecation of Vehicle and registration with RTA with Bank clause.

• In case where recovery is tied up with Salaries, Guarantee from Spouse.

• In other cases, Guarantee from Spouse and Guarantee from 3rd party, or, existing security (collateral or liquid) in other loan.

Service Charge:

Rs.250/-

Repayment Period:

48 Equated Monthly Instalments.

Prepayment Fees

2.00% of the Outstanding Balance if prepaid within 1 year, after that 1.00% only in case of takeover.