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Two Wheelers Finance |
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 13%)
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.
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