Purpose

Purchase of new two wheeler (scooter, motor cycle, moped) of reputed make for personal use only.

Eligibility

Permanent employees of Central/ state govt. departments, Public sector undertakings, Corporations Boards, Private institutions/ companies of repute and defence personnel having minimum NMI of `.4000/-.

Persons engaged in business/ trade, professionals, agriculturists or engaged in allied activities, and in private employment etc. having minimum annual income of `.50000/-p.a.

Amount of loan

15 times the NMI or 1.5 times the NAI or 90% of the cost of the vehicle (Ex-showroom price including accessories), which ever is less.

Margin

10.00% (cost of vehicle + accessories)

Rate of interest

For interest rates please see interest rate table on this website

Repayment

In maximum 5 years.

Processing fee:

1.10% of the loan amount.

Documents:

Proof of residence:

• Ration card / Telephone/ electricity bill / Passport / Driving license / Voter’s ID card.

Proof of income:

• Form no.16 or salary slip duly verified by the employer (in case of employees) / Copy of Income Tax return for the current financial year duly acknowledged by I.T Authorities. In other cases income to be assessed on the basis of independent enquiries/ market report by the appraising/ sanctioning officer and should be properly recorded.