Purpose:
For purchase of new Two-Wheelers i.e. Scooters, Motor Cycles, Scooties, Battery-Operated Scooters, etc. of any make and model.
Eligibility:
1. Employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or Reputed Establishments.
2. Professionals or self-employed individuals/businessmen/ employees on contractual basis (Rehbare-I-Talim, Rehbare-I-Zerat, Rehbare-I-Khel.
3. Pensioners drawing their monthly pension from our Bank or any other Bank whose spouse is alive and is eligible for family pension. The spouse shall stand as guarantor.
4. Students, aged 18 years and above, with any of the earning parent or spouse having monthly income as co-borrower.
5. Employees on contractual basis in government/Semi-Government undertakings, autonomous bodies and public sector undertakings shall also be eligible provided the applicant has completed 1 year of the current contractual job and remaining contract period is longer than the chosen repayment period.
6. Housewives aged 18 years and above with spouse as co-borrower. Income of the spouse shall be considered for finance.
7. Maximum age of applicant at loan maturity: Age of Retirement for salaried individuals & 70 years for others. The borrower should have a valid driving license.
8. Minimum net annual income Rs.75,000/-.
Amount of Loan:
a. 18 times net monthly income/salary or1.5 times net annual income.
b. The upper ceiling on the loan amount shall be Rs.05.00 lakh.
c. The net monthly home take income/ salary of the borrowers after including the installment amount on this loan should not be less than 60%(in case of income upto Rs. 6.00 lakhs) -70% (income Above Rs12.00 Lakh ) of the gross monthly income/ salary.
d. In case of students who are either still studying/ don’t have regular or documented source of income, the finance shall be provided in their name with parent/ Guardian/ Spouse as co-borrower and the 60%(in case of income upto Rs. 6.00 lakhs) -70% (income Above Rs12.00 Lakh ) net home take salary principle shall apply to co-borrowers..
Margin:
Minimum 20% for two wheelers with unit cost upto and inclusive of Rs.1.00 lakh.
Minimum 25% for two wheelers with unit cost more than Rs.1.00 lakh Unit cost of the vehicle shall include ex-showroom price, registration charges (wherever applicable) and insurance charges for one year only.
Security:
1. Primary: Hypothecation of two-wheeler to be purchased.
2. Collateral: Third party guarantee of one person of sound net means/ income to withstand the liability.
Repayment:
Maximum of 60 months. However, a borrower can opt for any tenure within the maximum ceiling.
Processing charges:
0.50% of the loan amount.
(NIL for girl students/ working ladies for purchase of scooties only).
* Conditions Apply