| FOR RURAL AREAS | FOR URBAN AREAS | |
| Objective | In view of COVID-’19 scenario, the usage of public transport is reduced, financing for vehicle loans would benefit the customers in easy commuting. | In view of COVID-’19 scenario, the usage of public transport is reduced, financing for vehicle loans would benefit the customers in easy commuting. |
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| Eligibility Criteria | · Individuals between 21- 60 years of age. | 1.Individuals between 21- 60 years of age. |
| Individuals owning Agriculture land in the name of Applicant or Co-obligant. | 2. Employee of State Govt./Central Govt.,/ Public Sector Undertaking/ Corporate. | |
| 3. Professionals, self-employed businessmen, proprietary / partnership firms who are Income Tax assesses. | ||
| 4. CIBIL Score of the applicant & Surety should be 650 and above with no Cheque Bounce or any delinquencies in preceding 1 year. | ||
| Gross Annual Income:- | ||
| 1) Salaried: | ||
| Net income of the borrower should be Rs.20,000/- or above. | ||
| 2) Self-employed, professionals and proprietary/ partnership firms: | ||
| Net Profit Income should be more than Rs.3,00,000/- p.a. as per ITR & proof of source of Income should be ascertained by the Branch Manager. | ||
| Amount of Loan | A maximum loan amount of upto Rs. 3,00,000/- | A maximum loan amount of upto Rs. 3,00,000/- |
| Documents Required | 1) Statement of Bank account of the borrower for last one year. | 1) Statement of Bank account of the borrower and sureties for 6 months (Latest). |
| 2) 4 Passport size photographs. | 2) 4 Passport size photographs. | |
| 3) KYC particulars compliance. | 3) KYC particulars. | |
| 4) A copy of ID Proof (Passport/ voter ID/ PAN card/ Aadhar card/ employee ID card etc.,) | 4) A copy of ID Proof (Passport/ Voter ID/ PAN card/ Aadhar card/ Employee ID card etc.,) | |
| 5) Proof of residence. | 5) Proof of residence. | |
| 6) Latest 6 months salary slips showing all deductions, if salaried. | 6) Latest 6 months salary slips showing all deductions, if salaried. | |
| · DOCUMENTS RELATED TO AGRICULTURE LAND | 7) I.T. Returns: 2 years for professional/ self-employed/ businessmen duly accepted by the ITO wherever applicable. | |
| 1. Electronic Pattadhar Pass Book (EPB) to be obtained and kept under Branch Manager custody. | The income of the borrower should be sufficient to pay the loan installments (only 2/3rd of the net income shall be taken for this purpose). However, the income of the surety should also be sufficient to pay the installments in case of default by the borrower. | |
| Encumbrance Certificate to be obtained from the customer. | ||
| Repayment Period | Maximum repayment period of 12 months / 24 months / 36 months with equated monthly installments as per the repayment capacity subject to the requirement of the borrower. | Maximum repayment period of 12 months / 24 months / 36 months with equated monthly installments as per the repayment capacity subject to the requirement of the borrower. |
| ROI | a)The interest will be charged at 11% p.a. on monthly compounding basis. | a) The interest will be charged at 11% p.a. on monthly compounding basis. |
| b)In respect of overdue installments, 2% p.a. penal interest will be charged over and above the normal rate. | b) In respect of overdue installments, 2% p.a. penal interest will be charged over and above the normal rate. |