Vehicle Loan

1. Application for Vehicle loans from the members shall be accepted subject to the condition that:
   i. He 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.:
   a. Seller Consent Letter/invoice (Cost of Chasis and estimate of body building).
   b. Registration Certificate.
   c. Tax Card
   d. Comprehensive Insurance Certificates.
   e. Permit
   f. Valuation Report.
2. Maximum Limit: 
   The maximum amount of loan for two wheeler is 50000.00 and for four wheeler  is Rs.6.00 Lakhs. The limit is fixed by the Board from time to time. 
   
3. Margin: 
   Loans may be granted upto
   i.70% of the cost in case of new vehicle.
4. Period:
   The period for repayment for two wheeler loans shall not exceed 36 months. And for repayment period for Four wheeler is 60 months.
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