Two-Wheeler-Loan-I

Purpose of Loans:

1. For purchase of two-wheeler
2. Electric two-wheeler - Registered with RTO and with motor capacity of 250W and above

Limits of Loans:

1. Max Rs 2 lakh

Eligibility:

1. Salaried persons: Employee of reputed organization with confirmed service of minimum one year
2. Businessman/professional/self employed

Basis of Advance:

1. 90% of the on-road cost of two-wheeler
2. 25 times of the Avg net take home salary / 3 times Avg Gross cash accruals or latest audited gross cash accrual with justification

1 or 2, whichever is less

Repayment Period:

1. Maximum 36 months

Rate of Interest : Fixed

Security:

1. Hypothecation of two-wheeler
2. For salaried –repayment through ECS/Standing instructions from Salary Account
3. Guarantor required in case of any deviation

Shareholding:

1. 2.50% of loan amount, Maximum Rs. 25000/-

Processing Fees: 

Documents Required:

1. Prescribed application form
2. Proforma Invoice from approved dealer.
3. Latest Photograph, Photo Identity Proof & Residence Proof of the Applicant & Guarantor
4. Salaried personnel:latest salary slips for last 3 months or ITR or form 16 for latest one year
5. Businessman/professional/ self-employed: last three years profit & loss account and balance sheet.