This scheme intends to provide financial support to existing well known Customers / Borrowers of our Bank, their relatives and their employees as well as salaried employees of various organization who desires to purchase two wheeler.
Any Individuals can apply for this loan for purchasing a two wheeler.
Loan Amount : Rs. 5 Lakh
Margin :
Up to Rs.1 Lakh : 15% of original cost
Above Rs.1 Lakh : 25% of original cost
Existing customers / borrowers of the Bank who have Premium / Privilege SB / Current Account with our Bank since last 2 years OR enjoy any Credit facility satisfactorily (other than FDOD facility) with our Bank for more than 2 years.
Close relatives / Employees of category (i), where Applicant is willing to give debit mandate for deduction of EMI from his / her salary account from our Bank or through NACH from their salary accounts with other Banks.
Salaried employees of various organizations (like PSU Companies, Universities, Schools, Govt. / Semi Govt. Dept, Large Dairy Units, Large Companies etc.), where employer has agreed to deduct EMI from concerned employee’s salary and remit directly to our Bank.
EMI / NMI Ration :
Income Rs. 1.20 Lakh – Rs. 2 Lakh : 40 %
Income Rs. 2 Lakh – Rs. 5 Lakh : 50 %
Income Rs. 5 Lakh – Rs. 10 Lakh : 55 %
Income above Rs. 10 Lakh: 65 %
Deviation in EMI/NMI Ratio will not be allowed.
Based on income of the borrower, repayment capacity is to be assessed and accordingly loan amount is to be recommended / sanctioned.
In addition to applicant’s income, income of spouse, children, parents, siblings who are living together and whose income is available for servicing EMI may be considered for arriving maximum loan limit.
