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Vehicle Loan


Sr.No.
Type of Loan Scheme
Revised Rate of Interest from 01.06.17
1
"RIDE-ON FINANCE" FOR TWO WHEELERS
12.00 %
2
"OWN YOUR CAR SCHEME"

1) For Purchase of New Brand Car for own use

2) For Purchase of New Brand Car for Tourist Business,Taxi & Professionals

3) For purchase old car for not more than 5 years. Old car for own use as     well as for Tourist Business, Taxi & Professionals

10.00 %

11.00 %

14.00 %


3
HEAVY VEHICLES-NEW

HEAVY VEHICLES-OLD

11.00 %

15.00 %
4
A) AUTO RICKSHAW LOANS-NEW

    AUTO RICKSHAW LOANS-OLD

    CNG KIT LOAN (AUTO & TAXI)


B) Deccan Shatabdi New Auto Rickshow Loan(for New Loan)
    w.e.f 30.09.2016
14.00%

15.00 %

15.00 %


13.00 %




New Vehicle

Sr.No.
Type of Vehicle
Margin
1
Two Wheeler Rs. 5000/- (Irrespective of Invoice Price)
2
Taxi


85% of Profarma Invoice of Authorised Dealer
3
Heavy Vehicles

95% of Profarma Invoice of Authorised Dealer + 75% for Body Building
4
Car for Self Use

85% of Profarma Invoice of Authorised Dealer
5
Car for Tourist Business Registered Professionals

Rs. 25000/- (Irrespective of Invoice price)
6
Auto Rickshaw

for Accessories

95% Profarma Invoice of Authorised Dealer 75% or Rs. 10,000/- whichever is less
7
CNG Kit for Rickshaw & Taxi

90% of Profarma Invoice of Registerd Dealer


Guarantors Required : Two

Income of Surety :  As per the Bank Policy




1.Documents Required of Applicant

  1. Loan Application duly filled in all respect.


  2. Four latest Passport size photographs.


  3. Proof of Identity - Driving License and Photo copy of PAN Card compulsory and Any one of        following; photo copy of ID Card / Passport / Aadhaar Card.


  4. Proof of Residence - Photo Copy of Ration Card (must) and Any one from following; Latest        Telephone Bill / Electricity Bill / Property Tax paid / Passport / Voters ID/ Aadhaar Card etc.


  5. Bank A/C Statement for last one year.



  6. Income Proof:
           ● Salary earner
            *  last 3 months original authenticated salary slips.
            *  Copy of Form No.16 for last 2 years.
           ● Businessman
            *  Acknowledged copies of last three years I.T. Return with IT paid Challans.
            *  CA certified Trading and Profit Loss A/c, Balance Sheet with all schedules.
            *  Computation of Income statement.
            *  Business proof.


  7. 2. Other


  8. Proforma Invoice for new vehicle to be purchased and valuation Report in case of old vehicle from       Banks approved valuer.


  9. Driving License of applicant or driver appointed by him.


  10. In case of Vehicle for commercial use :
            * necessary permit to own & run the vehicle.
            * business assurance letters.


  11. In case of Car Finance to registered professionals-
            * copy of Certificate of Registration of profession.


  12. ECS mandate copy, Post Dated Cheques (PDC), Standing Instruction (SI) for debiting          monthly EMI from SB or CD A/c.


  13. Opening of Saving Bank A/c or Business Current A/c is compulsory.


  14. Share linkage - 2.5 % of loan amount.


  15. Process fees as per bank's policy.


  16. No pre-closer charges .


  17. Interest on reducing balance.



  18. 3.Documents Required of Guarantors


  19. Two pass port size photographs.


  20. Proof of Identification ... as above.


  21. Proof of residence ... as above.


  22. Proof of Business.


  23. Income proof ... as above for two months.



  24. PN: all photo copies must be self attested and bring the originals for verification.

* Conditions apply *


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Address: 217, Raja Rammohan Roy Road, Girgaum, Mumbai- 400 004.