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- For purchases of fresh Two wheelers i.e. Scooters, Scooties, Motor Cycles, Mopeds, Battery-Operated Scooters etc of any make and model (including battery operated Two Wheelers exempted from registration.)
Any Individual having independent and stable/ steady source of income like salaried/ Pensioners/ professional/ businessman/ Agriculturist/ small shop operators, hawkers, Labours, helpers like meson, carpenter, plumber, electricians and other types of workers/ applicants.
Note: Below noted applicants shall also be eligible under this scheme:
- Students aged 18 years and above with parent (Mother or father or both) as Co-borrower. Income of either or both the parents can be considered for arriving at quantum of finance and repaying capacity.
- Housewives aged 18 years & above, with spouse as Co-borrower. Income of the spouse shall be considered for finance.
- Minimum age of applicant/co-borrower: 18 years
- Maximum age of applicant at loan maturity: 75 Years
Note: In case of employees in active services, loans with tenor exceeding residual service can also be considered with residual service period delinked from loan assessment/ appraisal.
- Minimum Rs 60000/- per annum
- Minimum: Rs.25,000/-
- There shall be no ceiling on maximum Loan amount, subject of fulfillment condition of margin requirements and permissible deductions
- 10% of On-Road Price for all types of Two wheelers
- Maximum period of 60 months.
- For Borrowers opting for Fixed ROI: RLLR+2.50 %
- For Borrowers opting for Floating ROI: RLLR+2.25 %
Note: All the employees falling within ambit of any MoU shall be granted uniform interest rate concession of 25 bps. - Click here for rate of Interest
- Primary
- Primary Hypothecation of Two Wheeler to be purchased, bank’s charge to be registered with RTO (Where ever applicable)
- Collateral
a) No Collateral / third party guarantee shall be required in case of: - Permanent employees of State/ UT / Central Government, State/ UT / Central Government Undertakings & Autonomous Bodies drawing salary through our Bank, as borrower or coborrower.
- Platinum Current account holders, Gold Current Account holders & premium plus Current Account holders, maintaining satisfactory accounts for at least last 6 months for loans upto Rs 100000/
- Cash Credit /SOD account holders having a limit of above Rs 5 lacs and maintaining satisfactory account for at least last 6 months.
- If customer keeps Fixed Deposit in the Branch equal to 100% of the loan amount. The fixed deposit shall be under lien to the Bank.
- If a customer has running term deposit of Rs-5 Lacs or more Contracted before 6 months or more from loan application period.
b)Third party guarantee of one person of sound means shall be obtained in respect of all other categories of borrowers
1% of Loan amount to be paid upfront subject to a minimum of Rs. 500/- and maximum of Rs-2000/.
