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Vehicle Loan

Hire Purchase Loan is available for the purchase of two-wheelers, three-wheelers, four-wheelers, and Commercial vehicles.

 

Applicant details

  • 5 Photographs of Applicant
  • Applicant Must be Member of Regular Member/Nominal Member
  • Photo proof –Driving License/Election Card/Passport/Aadhaar Card (Any one), copy of PAN Card, and Aadhar Card
  • Address proof – electric bill /telephone bill (any one)
  • Applicant’s last two years' Income tax Return / Payslip of last 6 months / Form 16
  • Latest Tax bill /Certificate from the society chairman/Secretary if the applicant owns Property.
  • Last tax bill/certificate from the society chairman/Secretary if the applicant owned property
  • Personal Loan specially designed for Employees of state /central, public sector / reputed educational institutes/hospitals / multinational, and other reputed profit-making companies, traders, self-employed, and professionals.
  • The applicant has to show all original documents to the bank for verification with a Xerox copy.

 

Guarantor Details

  • Photograph-3 copies
  • The guarantor must be a Member of Regular Member/Nominal Member
  • Photo Proof – Driving License/Election Card/Passport/Aadhaar Card
  • Address proof – electric bill /telephone bill (any one)
  • Copy of PAN Card and Aadhar Card
  • Latest Tax bill /Certificate from the society chairman/Secretary if the applicant owns Property.

 

Terms and Conditions

  • The bank will give a loan of up to 85% of the quotation
  • For an old car, the applicant has to submit a valuation report. The bank will give a loan of up to 50% of the valuation report.
  • Vehicle Loan repayment in 36/48/60 Months with EMI.
  • Interest will be debited on a monthly basis.
  • The applicant has to take insurance of full value of the vehicle in favour of the bank.
  • Applicants have to pay a margin amount to the bank. The bank will issue a banker's cheque of the full amount in the name of the dealer.
  • Applicants have to submit a Xerox copy of the invoice, receipt, insurance policy, and RTO book showing the Bank’s lien recorded with RTO.
  • Processing charges are applicable as per the bank rules.
  • The applicant can open a Savings Account in our Bank.
  • Stamp charges are applicable as per the Government of Maharashtra Stamp Department.