NEWS
Registration No: SE 1524 | RBI Licence No: UBD.GUJ.1215P | IFSC Code: IBKL0443MNB |

Vehicle Loan

  • Hire Purchase Loan is available for purchase of two wheelers, three wheelers, four wheelers and for Commercial vehicles and also for purchase of two years old car with good condition.

Applicant details :

  • Applicant’s last two years Income tax Return / Payslip of last 3 months / Notarized income certificate for joint family.
  • Last tax bill / certificate from society chairman/Secretary if applicant owned property
  • 3 Photographs of Applicant
  • Address proof – electric bill /telephone bill (any one) As per KYC norms
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one) As per KYC norms
  • Quotation of vehicle
  • Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.


Guarantor Details

  • Photograph-2 copies
  • Last tax bill
  • Last income tax return copy
  • Address proof – electric bill /telephone bill (any one)
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)


Conditions

  • We give loan up to 85% of quotation of basic price. for transport/ commercial vehical to shareholders and Bank will give loan upto 75% of quotation of basic price to the nominal members.
  • Applicant has to take insurance of full value of vehicle in favour of bank.
  • The Loan for two wheelers, three wheelers will be repaid with interest in 36 to 60 equal monthly instalments.
  • Applicant have to pay margin amount to the bank. Bank will issue Banker cheque of full amount in the name of dealer.
  • Applicant have to submit Xerox copy of invoice, receipt, insurance policy, RTO book showing Bank's lien recorded with RTO.
  • Applicant has to take share @2.5% / 5.0% of the limit.
  • The processing charges from 350 Rs. to 1000 Rs. will be levied on sanction.