Two Wheeler Loan

Two Wheeler Loan to Individuals for Personal Use

 

Eligibility for Loan:

 

1. Regular employees of the Government of India / U.P.
2. Permanent Employees of Semi- Government/ Self Governing/ Institute/ Educational Institute (Approved by Government of India / U.P.).
3. Maximum age limit of applicant is 55 years.
4. In addition to the above, Self-employed persons or individuals working in private sector, who has income tax assessed in the last year and Permanent Account Number (PAN) is allocated to him.
5. Self-employed persons or individuals working in private age sector, whose annual income is at least Rs 2.50 Lakhs according to tax return of the last year.
6. Repayment must be 1 year before the retirement of the employee.
7. The applicant should not be defaulter of any bank or financial institution.
8. The applicant and guarantor should be the A/c holder and nominal member of our bank.
9. Credit Score of loan applicant should be 700 and more.

 

Maximum Amount of Loan:

 

• The maximum amount of the loan will be 85% of cost of two wheeler or Rs 1.50 Lakh whichever is less. The remaining 15% of two wheeler’ cost should be deposited by applicant as margin money.

 

Term of Loan:

 

• The maximum term of the loan will be 36 months (3 years).

 

Interest Rate:

 

1. The loan will be charged at 9.00% rate of interest. The interest rate will be applied till the full payment period. Interest on the loan amount will be charged on a monthly basis and compounded.
2. If the amount of the monthly installments are not paid timely, the due installment payment will be charged at the rate of 2% as penal interest.

 

Processing Fee:

 

• 0.25% of sanctioned loan.

 

 

** For more information please visit the nearest branch of District Co-operative Bank Ltd. Pilibhit.