Vehicle Loan Scheme

  1. The loan amount will be maximum up to Rs. 50,000/- or 70% of vehicle cost whichever is less.
  2. The borrower must have R.D. Account (1% of loan amount) with society.
  3. Other documents will be as required for daily loan scheme (Not mentioned there in that scheme). In addition to this, 3 photographs, voter ID card, ration card (self attested) must be provided for registration (R.C.) of vehicle.
  4. The borrower will insured and the premium will be borne by borrower
  5. The guarantor in the loan application must be a government employee or proprietor of a prestigious firm.
  6. The difference of loan amount and cost of vehicle must be deposited in saving account in advance.
  7. The rate of interest on loan will be @ 24% (flat) per annum and share amount @ 2% will be charged. Service charge and file charge will not be charged.
  8. The vehicle will be hypothecated to society till full payment of loan is made. The borrower cannot sale the vehicle before repaying the loan.
  9. The installments of loan will be monthly and defaulters of monthly installment will have to pay 10% of monthly installment as penalty.
  10. In case of non-payment of total loan amount including interest and penalty interest till due date, an additional interest @ 6% of loan amount will be charged on monthly basis.
  11. The loan will be for a maximum period of 24 months.
  12. The loan will be finalized based on the price list provided by Symbiosis.
  13. The borrower will insured and the premium will be borne by borrower


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