Objective
- For enabling our valued and potential customers including Farmers /KCC holders to purchase new two wheelers for their personal use.
Purpose
- For purchase of new Two Wheelers of any make as per the choice of the borrower.
Amount
- Rs.60, 000/- or 85% of cost of the vehicle (on Road price) whichever is less.
Margin
- 15% of the cost price of the vehicle.
Security
- Hypothecation of Two Wheeler to be purchased out of Bank Finance. Liquid security, if any, offered/stipulated by bank.
Repayment
- Maximum 48 EMI.
Holiday Period
- 1 Month.
Rate of Interest
- 11.00 % to 12.50 %
Remarks
- The two wheeler is to be purchased from authorized dealers/suppliers and will remain hypothecated to the Bank till full liquidation of loan with interest and other charges.
No Processing fee to be collected for granting loans under the scheme.