VEHICLE LOAN

The Bank provides loans to purchase two wheelers/four wheelers for personal use only.

Terms:

1. Any individual working and residing in Belagavi District is eligible for the loan. Application for vehicle loans from the members shall be accepted subject to the condition that.
   i.He/she shall become a nominal member of the bank. 
   ii.The Branch Manager shall be satisfied about the eligibility, repaying capacity, stability, security and purpose of loan. 
   
   iii.The applicant shall furnish following document.(As per KYC)Proof of Identity:
   
   
   Proof of Identity:Latest Photo Copy, Identity proof, Residence proof ( pan Card & Adar Card) of the Applicant and Guarantors.
   
   Income Proof: In case of salaried person, salary slip for last 3 months and bank statement for last two years. In case of businessman, last 3 years profit & loss, ITR copies of last 3 years, balance statement of business account for last 1 year.
   
   nominal members: Both the applicant and surety provider should be nominal members and Savings Bank Account Holder of the bank.
   
   
   
2. Eligibility Criteria:
   1. Minimum age of Applicant 18 Years.
   2. Maximum age of Applicant 60 Years.


3. Margin:
   1. Two Wheelers: 85% of Vehicle invoice value it Including Road Tax, Insurance , Accessories and etc.
   2. Four Wheelers: 85% of Vehicle invoice value it Including Road Tax, Insurance , Accessories and etc.


4. Period:
   The period for repayment of loans shall not exceed 36 months for Two Wheeler and Four Wheelers for 60 months. (Monthly Installments).


5. Rate of Interest:
   The rate of interest shall be as decided by the Board from time to time subject to the directives of the Reserve Bank of India.
   
   Rate of Interest:
   
   1. 12.50% for Two Wheelers
   2. 11.50% for Four Wheelers


6. Salient features:
   (i). Financing on 'On-Road price includes Registration, Insurance, Cost of Accessories.
   (ii). Interest calculated on Reducing Balance.
   


7. Processing Charges:
   (i).1.00% of the loan amount.
   


8. Bank Shares: As per Bank Rules:
   


9. Securities:
   (i). LIC Policy/Postal Life Insurance Policy Should be for last 4 Years (Latest Premium paid Receipts) OR
   (ii). Home /plot/complex Pledge. OR
   (iii). Deposit Receipts.