Purchase of Two Wheeler (New only) viz. Scooter/Motor Cycle/Moped/Battery-operated two wheeler vehicle.
Income Criteria :
Quantum of Loan :
Maximum Loan amount is Rs.1.00 Lakh
For Bank Mitra: 10% of cost of the Two Wheeler (On road price ) For Salaried person as borrower / Co borrower : 15% of cost of the Two Wheeler (On road price )Other than salaried Person/ Bank Mitra : 25% of cost of the Two Wheeler (On road price )
Primary: Hypothecation of the Two Wheeler purchased out of Bank finance
Collateral: For Salaried person as Borrower/ Co-borrower : Nil For other than salaried person: Personal Guarantee of any individual having sufficient means or at least 30% of loan amount covered by liquid security like Bank’s own deposit, NSC, KVP, Surrender Value of LIP of LICI.In case of Bank Mitra guarantee of any one of our Bank Mitras who has completed 2 years of service as Bank Mitra may be acceptable.
Maximum 60 Month
Rate of Interest (Floating) :
within 36 months
MCLR-Y + 1.40% i.e. 10.25%
more than 36 months
MCLR-Y + 1.90% i.e. 10.75%
0.25 % Concession in interest rate will be allowed for Women Bank Mitras.
0.25 % concession in interest rate will be allowed when 50% loan amount will be covered by Bank’s own Deposit, NSC, KVP and Surrender value of LIP of LICI.
Penal Interest :
@2% p.a. over the applicable rate of interest for the amount and period of default
Prepayment & Doc. Charge :
Processing Fee :
1.18 % of the loan amount sanctioned.