Loans will be granted for purchase of new vehicles only upto 90% of the cost of the vehicle, provided that no loan can be granted for more than one vehicle at a time. 10% of the cost of the vehicle shall be remitted to the Bank on sanction of loan.
|For SRTO – Original Permit issued by the Regional Transport Authority for owning Taxi/Auto.|
|If the amount is below than 1.00 lakh, two Government Sureties should be submitted.|
|If the loan amount is more than 1.00 lakh, collateral security should be mortgaged with the Bank. The borrower should furnish security in the form of mortgage of immovable property or deposit receipt of marketable value of which shall be not less than the loan amount.|
|The vehicle shall be hypothecated to the bank and comprehensively insured in the joint name of the bank and the borrower.|
|The original insurance policy should be deposited with the Bank along with the R.C. Book.|