VIKAS SAATHI - Mobile van for dealers and traders  - Karnataka Vikas Grameena Bank Loan Product

VIKAS SAATHI - Mobile van for dealers and traders

Purpose To purchase 3 or 4 wheeler for transportation of goods
Eligibility 1. An individual or a firm having valid trade license/GST No desirous of owning transport vehicle for carrying goods
2. Should hold valid driving license or engage driver possessing valid license to operate the type of vehicle for which credit is sought
Quantum Loan 80% of on road price of the vehicle (inclusive of Insurance, Road Tax, Registration charges & accessories limited to maximum of Rs.10000/-) with a maximum of Rs.25 lakhs.
Margin 20%
Rate of Interest 11.50% p.a.
Repayment Period Repayable in 84 EMI
Security In case of loan upto Rs.5.00 lakhs à Hypothecation of Vehicle

In Case of loan above Rs.5.00 lakhsà Hypothecation of Vehicle and
Collateral Security by way of Mortgage of Non-Agriculture property/ NSC, KVP, Deposits, LIC policies valued not less than 25% of loan amount.

Co-oblignat/ Surety Solvent third party / ieswith sufficient net worth acceptable to the Bank shall be obtained.