Individuals /Business Concerns having a net Salary/Income not less than 5000/- per month and professionals/others who earn not less than Rs. 75000/- per annum (as per IT return) including those already enjoying credit facilities from the bank are eligible for consideration under the scheme. For the computation of net salary/income ,the salary/income of the spouse to be added provided he/she stands as a co-obligant to the loan.

Loan may be granted for acquiring two wheeler vehicle only.( Loan is not to be made for the purchase or second hand Vehicles)

10 months net salary / income subject to maximum of RS.35000/- is permissible amount of loan. As already stated , for the purpose of computation of net salary , the salary of the spouse may be added subject to the condition that the spouse will stand as co-obligant to the loan.

10 %

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Hypothecation of vehicle to be purchased

Along with the applicant, the spouse / or may other individual who is fulfilling the eligibility criteria under the Scheme is to stand as Co-obligant.

Repayment is to be made within a maximum period of 36 months in equated monthly instalments.And No moratorium period is to be allowed.

A comprehensive insurance cover is to be obtained at the cost of the borrower with bank clause.

Processing Fees at 1% of the loan amount to be charged. And no other hidden charges as charged by other banks

Disbursement of the loan is to be made directly to the seller or supplier.