Target Group

• Permanent Salaried employees, Professional and self employed persons, Traders and Businessmen who have proven sources of income with repaying capacity.

Purpose

• For purchase of Two wheeler (New Vehicle only). Electric vehicles can also be purchased

Age

• 18 - 55 years

Eligible Amount

• Up to 85% of total on-road price inclusive of registration, road tax and insurance subject to the maximum of 1.50 lakhs.
• Net Take Home Pay after deducting proposed Loan EMI: 40% of Gross Pay.

Margin

• 15% of total on-road price as per the quotation.

Quantum of Loan

• 1.50 lakhs

Rate of Interest

Security

• Hypothecation of Vehicle
• Wherever collateral security is already available, it may be extended at to vehicle loan also (In case of existing borrowers and if EM/RM is available). Registration of extension of EM is mandatory.

Lien

• Bank’s lien should be noted in RC Book.

Insurance

• Insurance with Bank clause at Borrower’s cost

Repayment Period

• Max of 60 EMIs. Holiday Period - 1 Month

Guarantee

• Third party guarantee from a solvent person

Processing Charges

• 1% + GST

How to Apply

• Please contact nearest Saptagiri Grameena Bank Branch for more details