| SI.No. |
Particulars |
Details |
| 1 |
Purpose |
To purchase car. |
| 2 |
Eligibility |
- All government /semi government employee.
- Existing salary account holders.
- Applicant must be nominal member of bank.
|
| 3 |
Nature |
Term loan. |
| 4 |
Loan Period |
Maximum 60 months or before retirement whichever is earlier. |
| 5 |
Rate of Interest |
10 %
|
| 6 |
Penal interest |
2 % over the normal rate of interest. |
| 7 |
Maximum Loan Amount |
5 lakh or 85% of car price whichever is less. |
| 8 |
Security |
- Hypothecation
- 20 % liquid collateral security.
- Two respected person personal guarantee.
|
| 9 |
Processing fee |
1 % of loan amount. |
| 10 |
Repayment norms |
In the form of PDC’s/ECS. |
| 11 |
Disbursement |
Amount will be paid directly to dealer in the form of DD/ Cheque. |