Hire Purchase Auto Loan is available for purchase of two wheelers, three wheelers, four wheelers and for Commercial vehicles.

Applicant details:

  • Applicant’s last three years Income tax Return / Payslip of last 3 months / Notarized income certificate for joint family.
  • Last tax bill / certificate from society chairman/Secretary if applicant owned property
  • 3 Photographs of Applicant.
  • Address proof – electric bill /telephone bill (any one) As per KYC norms
  • Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms
  • Bank Statement of last 2 years
  • Quotation of vehicle
  • Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.

Guarantor details:

  • Photograph-two copies.
  • Last tax bill
  • Last income tax return copy
  • Address proof – electric bill /telephone bill (any one)
  • Photo proof – Pan card / Voter card / Driving license (Any one)
  • One guarantors required for loan

Conditions:

  • Bank will give loan up to 80% of quotation
  • For old car, applicant has to submit valuation report. Bank will give loan up to 60% of the valuation report.
  • One guarantor is required for loan up to Rs. 50,000/- and Two guarantors are required for loan above Rs. 50,000/- and above.
  • Applicant has to take insurance of full value of vehicle in favour of bank.
  • The Loan for two wheelers, three wheelers will be repaid with interest in 36 equal monthly instalments.
  • The Loan for four wheelers and Commercial vehicles with be repaid with interest in 60 equal monthly instalments.
  • Applicant have to pay margin amount to the bank. Bank will issue Banker cheque of full amount in the name of dealer.
  • Applicant have to submit Xerox copy of invoice, receipt, insurance policy, RTO book showing Bank’s lien recorded with RTO.
  • Applicant has to submit 30 cheques for repayment of instalments and remaining cheques as per bank’s instruction.
  • Applicant has to take share @ 2.50% of the limit.