Application in the prescribed from for the loans for purchase of vehicles may be accepted from the eligible members.

Application for such loans from the members shall be accepted subject to the condition that :  

He shall become a nominal member of the Bank in the case  of direct finance from the Bank or he must be member of   the Society through which the loan will be advanced.

The Maximum amount of loan for purchase of vehicle shall not exceed Rs. 60.00 Lakhs per individual. (Subject to maximum of four vehicles per borrower).

            Loan may be granted up to: -

  1. 85% of the cost of chassis + Road tax in case of new vehicles.
  2. 60% of the valuation in case of not more than 3 Years old vehicles.
  3. 50% of the valuation (after deducting depreciation amount) in case of more than 3 years old vehicles. No advances be given for vehicles of more than 5 years old.

The period for repayment of loan shall not exceed 72 months in case of New Vehicles and 48 months in case of not more than 3 years old vehicles and 36 months in case of more than 3 years old vehicles.

*Rules are subject to change from time to time. For further details please contact nearest branch.

   

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