VIKAS MITRA SCHEME - Vehicle loan to Milk vendor & others

VIKAS MITRA SCHEME - Vehicle loan to Milk vendor & others

Purpose To purchase 2 wheeler to support the existing income generating activity.
Eligibility The borrower should possess valid driving license. Branchesshall ascertain credit worthiness of the business & repaying capacity of the borrower.
Quantum Loan 80% of on road price of the vehicle (inclusive of Insurance, Road Tax, Registration charges & accessories limited to maximum of Rs.5000/-) or Rs.1 lakh, whichever is less.
Margin 20%
Rate of Interest 11.50%pa
Repayment Period Repayable in 60 EMI
Security Hypothecation of Vehicle
Co-oblignat/ Surety Solvent third party / ieswith sufficient net worth acceptable to the Bank shall be obtained.