| Eligibility |
|
 |
a. Individuals
b. Students, aged 18 years and above, with parent as co-borrower;
c. Business concerns (Corporate or non-corporate)
| Purpose |
|
|
For purchase of new two wheelers viz.
Scooter(s), Motor cycle(s), Scooterrete(s), Moped(s).
| Amount of Loan |
|
|
Maximum
Rs. 90000/-
| Margin |
|
|
5%
to 30%
| Security |
|
|
The
vehicle purchased with the amount of loan is to be hypothecated
to the Bank. It will be registered in the name of the
borrower jointly with the Bank. Guarantee of spouse, if
employed or third party guarantee is acceptable to Bank.
| Rate of Interest |
|
|
BPLR
- 1.75% to BPLR + 2%
(Presently BPLR is 12.50%)
Term
premia of 0.50% be added in all loans repayable in 3 years
or above.
| Repayment |
|
|
For scooter and Motorcycle:
Maximum of 60 EMIs.
For Scooterrete and Moped:
Maximum of 36 EMIs.
| Upfront Fee & Documentation Charges |
|
|
Upfront
Fee: Rs.200/- except for students in which case it shall
be NIL.
Docmumentation
Charges: Rs.300/-
All
other terms & conditions of the scheme as applicable. |
