| Purpose | To Purchase new electric scooter. |
|---|---|
| Eligibility | 1.Individual borrowers- who are permanent residents of the command area of the branch (i.e, there should be house in the name of the borrower or in the name of family members in the command area of the branch). 2.Branch shall properly assess net worth and repaying capacity of the borrower.. |
| Quantum Loan | 75% of the project cost (cost of the vehicle + applicable insurance premium for 3 years, with total premium not more than Rs.3000/-) |
| Margin | 25% |
| Cut Back | 50% |
| Rate of Interest | 11.00% p.a, with Overdue rate- 2% |
| Repayment Period | Repayable in 36 to 60 EMI |
| Security | Hypothecation of Vehicle |
| Co-oblignat/ Surety | Solvent third party surety with sufficient net worth acceptable to Bank. |