| Purpose |
- Loan will be granted for the purchase of new public goods/ personal /passenger transport vehicle such as Auto Rickshaws, Car, Car Van, Jeep, Mini Bus, Bus, Truck, Tractor, Refrigerated Vans, and Bulk Carries for carrying edible oils/ petroleum etc. .
|
| Eligibility |
- Individual, group of individuals/ partnership firm/ proprietary firms/ education institutions/ companies/ trust and societies etc.who are income tax assessee from last three years, are eligible under this scheme for obtaining loans for the purchase of vehicle.
- Loan can also be advanced in joint names for which income of salaried/professional's spouse with established sources will also be added for the purpose of eligibility and repayment of loan.
- The applicant should have valid driving license in his own name.
- Age between 18 to 57 years.
|
| Loan Amount |
- For Light motor vehicle : Maximum 5.00 Lakhs
- For Heavy motor vehicle : Maximum 10.00 Lakhs
|
| Interest Rate |
13.00 % |
| Loan Period |
Minimum 3 years
Maximum 7 years but the loan amount is to be repaid before completion of 70 years age.
|
| Re-Payment Mode |
Monthly |
| Documents |
ID proof, guarantee of two persons (in case of no collateral), ITR of last three years and any other documents which Bank officials require. |
