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Two Wheelers / Motorcycle Loan to Farmers
Purpose
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For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Scooterrete (s), Moped(s), (subject to Registration of vehicle with RTO).
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Eligibility
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Existing PUPGB customers with at least 6 months satisfactory transactional record OR new customer with satisfactory track record of last one year with other Bank/FI in the age group of 18 years and 60 years holding a valid driving licence.
Salaried individuals drawing salary from our bank or under check off facility from the employer.
Students, 18 years and above till gainfully employed, with salaried parent as co-borrower drawing salary from our bank; Business concerns (Corporate or non –corporate)
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Income Criteria
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Minimum Net Monthly Income of Rs.10,000/- p.m.
In case of students, Income/salary proof of parent/guardian who will be co-borrower be considered.
Income of spouse can be taken into consideration for determining the income criteria provided satisfactory proof of income is produced.
Income of business concerns be verified from Income Tax Returns filed and challans for Tax Deposited.
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Quantum Of Finance
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Max Rs.1.0 lac. Above Rs.1.0 lac by RM.
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Margin
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Where salary is being disbursed through the concerned bank branch and/or Check off facility.
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10%
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Business concerns
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25%
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Security
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Hypothecation of 2 wheeler financed from bank loan
Guarantee acceptable to bank as per guidelines
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Repayment (Maximum)
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For Scooter and Motorcycle – 60 EMIs
For Scooterrete – 30 EMIs
For Mopeds – 24 EMIs
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Prepayment Charges
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Nil
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Rate Of Interest
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12.60%-14.10% (Terms and Conditions follows)
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Processing Charges/ Upfront Fee
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Rs.275/-
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Documentation Charges
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Rs.275/-
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Above are only salient features of the scheme. For details please contact nearest branch