Vehical Loan Private


PURPOSE

Loan for purchase of two-wheeler and four wheeler for private use

Eligibility

The applicants should be a salaried person or non-salaried person having a SB a/c with the bank for at least one month. The applicate must be a permanent resident of Guwahati. The minimum age should be 21 yrs and maximum 55 yrs. For two-wheelers the minimum age shall be 25 years. CIBIL score & default status shall apply.

Quantum of loan

Maximum up to Rs. 20 Lakhs. For two-wheelers maximum eligible loan amount shall be Rs. 2.00 lacs. Maximum finance eligible for vehicle (Personal use) will be 80% which will be on the total value of the vehicle on road. The borrower will have to bring in /deposit the down payment accordingly. No Fixed Deposit or other liquid securities shall be insisted upon.

Interest

Rate of interest will be charged as below :- For loans amounts upto Rs. 10.00 lakhs @8.85% p.a. (reducing balance) For loans amounts above Rs. 10.00 lakhs @9.25% p.a. (reducing balance) Penalty interest will applicable @2% as per usual norms of the Bank in case of default in payment.

Service charges

Processing charges shall be 1.5%. (Max.8500/-) plus service tax charges extra.

Repayment

The loan will be repaid as below (with no moratorium) For loan upto Rs. 10.00 lacs--------------- 60 months For loans above Rs. 10.00 lacs ----------- 84 months

Sanctioning Authority

The Sanction shall be accorded by the Chairman for loan amount up to Rs. 10 lakhs and subsequently ratified by the Loan sub-committee. For loan amount above Rs. 10 lakhs and up to Rs. 20 lakhs the sanction will be accorded by the Loan Sub-committee.

Security

Undertaking from the employer to deduct the installments regularly from the monthly salary of applicants. The salary deduction shall not exceed 50% of the gross salary of the applicant after taking into consideration the EMI of the new loan along with other existing deduction. 12 months accounts statement will be required in case the guarantor is not an account holder of the bank. Further, in case of personal vehicle loans, for loans upto Rs. 10 lacs no guarantor will be insisted upon and above Rs. 10 lakhs guarantee will be required. Hypothecation of Two wheeler or Four wheeler. Three nos. blank cheque to be obtained.

Documents required

Loan application form. Address proof/ identity proof documents of the applicant. 2(two) copies for recent passport size photo for applicant. Salary undertaking by the employer of the applicant. Salary statement for last 3 months with showing all deduction. Details of Collateral security of the applicant if any, IT return / Form 16 for the last one year of applicant. Fresh account holders fulfilling the above criteria must submit minimum 12 months statement of previous bank account. Registration and Insurance copy of two wheeler or four wheeler under hypothecation of the Bank after sanction the loan. Any other documents as may be required by the Bank for both salaried and non-salaried persons.

Vehical Loan Commercial


PURPOSE

Loan for purchase of three-wheeler and four wheeler for commercial use

Eligibility

The applicants should have a SB a/c with the bank for at least one month. The applicate must be a permanent resident of Guwahati. The minimum age should be 21 yrs and maximum 55 yrs. For three-wheelers the minimum age shall be 25 years. CIBIL score & default status shall apply.

Quantum of loan

Maximum up to Rs. 20 Lakhs. Maximum finance eligible for vehicle will be 80% which will be on the total value of the vehicle on road. The borrower will have to bring in /deposit the down payment accordingly. No Fixed Deposit or other liquid securities shall be insisted upon.

Interest

Rate of interest will be charged as below :-
For loan amount upto Rs. 1.00 lakhs @11.9% p.a. (reducing balance)
For loan amount above Rs. 1.00 lakhs and upto Rs. 5.00 Lakhs @12.9% p.a. (reducing balance)
For loan amount above Rs. 5.00 lakhs and upto Rs 10.00 lakhs @13.25% p.a.(reducing balance).
For loan amount above Rs. 10.00 lakhs 12.50% p.a.(reducing balance).
Penalty interest will applicable @2% as per usual norms of the Bank in case of default in payment.

Service charges

No Processing charges shall be charged up to loan amount of Rs. 3 lakhs. For loan amount above Rs. 3.00 lakhs, service charge @1% of the sanctioned amount shall be charged (subject to a Max.Rs.10,000/-) plus service tax charges extra.

Repayment

The loan will be repaid as below (with no moratorium)
For loan upto Rs. 3.00 lacs ---------------------------------- 36 months
For loan upto Rs. 3.00 lacs to Rs. 10 lacs--------------- 60 months
For loans above Rs. 10.00 lacs ---------------------------- 84 months

Sanctioning Authority

The Sanction shall be accorded by the Chairman for loan amount up to Rs. 10 lakhs and subsequently ratified by the Loan sub-committee. For loan amount above Rs. 10 lakhs and up to Rs. 20 lakhs the sanction will be accorded by the Loan Sub-committee.

Security

12 months accounts statement will be required in case the guarantor is not an account holder of the bank. Guarantee of a person shall be insisted upon. Hypothecation of Three wheeler or Four wheeler. Three nos. blank cheque to be obtained.

Documents required

Loan application form. Address proof/ identity proof documents of the applicant and the guarantor 2(two) copies for recent passport size photo for applicant and the guarantor Guarantor’s statement, Salary statement for last 3 months with showing all deduction. Details of Collateral security of the applicant if any IT return / Form 16 for the last one year of applicant and the guarantor Fresh account holders fulfilling the above criteria must submit minimum 12 months statement of previous bank account. Registration and Insurance copy of three wheeler or four wheeler under hypothecation of the Bank after sanction the loan. Any other documents as may be required by the Bank.