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