Special Kal Two Wheeler Loan

S.N Particulars Scheme Guidelines
1 Name of the Scheme Kal Two Wheeler Loan
2 Object 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 desire to purchase two wheeler.
3 Nature of Facility Term Loan only (EMI)
4 Eligibility Criterias
  • Existing customers / borrowers of the Bank who have Premium / Privilege SB / current a/c 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 organisations (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.
5 Purpose For purchase of the Two Wheeler
6 Quantum of Loan Maximum 5.00 Lacs
7 Margin Upto 1 Lacs - 15 % of the cost of the Two Wheeler More than 1 Lacs – 25% of the cost of the Two Wheeler
8 Eligibility of Loan EMI/ NMI Ratio:
Income EMI/ NMI
1.20 Lacs to 2 Lacs 40%
Above 2 Lacs - upto 5 Lacs 50%
Above 5 Lacs - upto 10 Lacs 55%
Above 10 Lacs 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.
9 Rate of Interest CIR 700 & above: 10.00% p.a.
CIR 650 - 699 or (-1/ 0 Score ) – 10.50% p.a.
CIR 600 - 650: 11.00% p.a.
Applicant having CIR of less than 600 Score will not be eligible for such Two Wheeler Loan. In case of category (i), 50 basis concession is to be allowed when our borrower enjoying satisfactory conducted loan account / credit facility agrees to create negative lien on security already hypothecated / mortgaged in favour of Bank.
10 Processing Fee 0.40% of Loan amount Minimum : ` 250/- Maximum: ` 2000/-
11 Tenure Maximum -60- months
12 Security Hypothecation of Two Wheeler. All other guidelines of registration of our HPA in RTO, obtaining -2- blank TTO forms, insurance, etc. as applicable in Car Loan to be complied with.
13 Personal Guarantee One Guarantor having satisfactory income and satisfactory CIR report.
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All Rights Reserved by The Kalupur Commercial Co-operative Bank LTD.

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