| Nature of Loan | Term Loan |
| Tenure of Loan | Maximum 07 Years, for staff 08 Years |
| Eligible borrower | Individuals as well as business concern (Corporate / Non Corporate) |
| Age | 65 Years |
| Purpose |
(i) For Purchase of Indigenous / foreign makes car,Jeep / Multi Utility vehicle (MUV) & Sports Utility Vehicle (SUV) etc. (ii) For Purchase of Indigenous heavy vehicles |
| Loan Amount Ceiling |
Rs.75.00 Lacs For Staff 25 times of gross salary with the restriction at the deductions should not exceed 50% of the gross salary. |
| Analysis of loan | As per bank policy/ Naik Committee |
| Requirement | |
| Margin of Borrower | 15% of on road pro forma invoice of the vehicle. |
| Security | The vehicle purchased with the mountof loan is to be hypothecated to the Bank. It will be registered in the name of the borrower & hypothecated in the name of the Bank. . |
| Documentation required | As per the requirement in the loan file check list |
Note:-
The Staff shall be entitled to take loan for the purchase of new four wheeler vehicle, after 03 years from the date of purchase of earlier vehicle. The said facility will be available only after the closer of the previous four wheeler vehicle loan Account.
