| Limit | Up to Rs. 2 Lakh |
| Tenure | Up to 36 Months |
| Rate of Interest | 16% (Reducing) |
| Purpose | 1. Business Purpose 2. Medical 3. Marriage 4. House Articles and Furniture 5. House Repairing |
| Documents Required |
1. Three Passport Size Photographs 2. ID Proof – Pan Card, Aadhar Card, etc. 3. Address Proof – Electricity Bill, Water Bill, Tax Receipt, etc. 4. Gumasta, Income Certificate (Salary Slip) of Last 3 month 5. ITR for last 3 years, 6 Months Bank Statement 6. Membership Fee: Rs. 1,060/- Each (Applicant & 2 Guarantors) 7. Rs. 500/- Stamp paper 8. Two (2) Guarantors (Same Documents Required as per Applicant Documents) |
| Limit | Upto Rs. 40 Lac |
| Tenure | From 60 Months to 120 Months |
| Rate of Interest | 13% (Reducing) |
| Purpose | 1. House Repairing 2. Business/commercial /project loan |
| Documents Required |
1. Three Passport Size Photographs 2. ID Proof – Pan Card, Aadhar Card, etc. 3. Address Proof – Electricity Bill, Water Bill, Tax Receipt, etc. 4. Gumasta, Income Certificate (Salary Slip) of Last 3 month 5. ITR for last 3 years, 6 Months Bank Statement 6. All Original Property Related Documents 7. Rs. 500/- Stamp paper 8. Membership Fee: Rs. 1,060/- Each (Applicant &2 Guarantors) 9. Two (2) Guarantors (Same Documents Required as per Applicant Documents) |
Margin
| 25% | for Two wheelers |
| 25% | for Cars / MUVs |
Components Of Finance
Show room price + one time road tax+ administration cost+ First year’s insurance cost and Registration Charges shall be eligible for bank finance.
Assessment Of Eligible Loan Amount
In case of salaried persons / pensioners, maximum loan admissible shall be equivalent to 30 months net take home salary/ pension, subject to the condition that net take home salary/pension should not be less than 40% of the gross after all deductions including the proposed loan installment. Income of the spouse can also be considered subject to the condition that spouse agrees to guarantee the loan.
Repayment Period
Upto 60 EMI’s {Equated monthly installment of Principal & interest components} Subject to remaining period of service / repayment capacity of the applicant.
Rate of Interest: 13.0% P.A, on reducing balance.
Penal Interest
In case of delayed payment, a penalty of 2% on the overdue amount for the over due period shall be charged.
Process Fee
Applicable as per society rule
Repayment Period
Repayment in 36 EMIs
Insurance
The vehicle purchased is to be kept comprehensively insured with agreed credit society clause. The insurance amount has to be paid by the borrower besides regular EMI.
| Limit | Up to Rs. 30 Lakh |
| Tenure | Up to 36 Months |
| Rate of Interest | 13% (Reducing) |
| Purpose | 1. Purchase of new scooter/motor cycle/car/jeep 2. Purchase Second Hand Cars |
| Documents Required |
1. Three Passport Size Photographs 2. ID Proof – Pan Card, Aadhar Card, etc. 3. Address Proof – Electricity Bill, Water Bill, Tax Receipt, etc. 4. Quotation, Gumasta, Income Certificate (Salary Slip) of Last 3 month 5. ITR for last 3 years, 6 Months Bank Statement 6. Membership Fee: Rs. 1,060/- Each (Applicant & 2 Guarantors) 7. Two (2) Guarantors (Same Documents Required as per Applicant Documents) |
Purpose
For purchase of new scooter/motor cycle/car/jeep(non-commercial use- to be registered as private vehicle), for purchase Second Hand Cars to be used as private vehicle only.
Eligibility Criteria
For Individuals:
Individuals working in Govt. departments/PSUs/ Recognized Schools & Colleges/ Reputed companies with a minimum of 1 year of service having minimum income as :
For two wheelers : Rs. 6,000 per month gross
For Car / MUV : Rs.10,000 per month gross
Retired employees of Govt. departments/PSUs/ Recognized Schools & Colleges/ Reputed companies having their pension accounts with minimum pension per month as under:
For two wheelers : Rs. 6,000 per month gross
For Car / MUV : Rs.10,000 per month gross
In case of Business Entities, established business for not less than two years may be considered for sanction of car/vehicle loan. However, this condition can be waived off in a case where the conduct of allied/sisters concern is satisfactory with our credit society.
Agriculturist based on their land holding may be considered for loan facility.
Maximum Loan Ceiling:
For Individuals :
Maximum loan for Two Wheelers -Rs.1 lac.
Maximum loan for Four Wheelers -Rs.50 lacs
Proprietor/Partner/ Director etc.- For purchase of 1 car with ceiling of Rs.10.00 lac at one point of time. This shall be in addition to the Car Loan from the firm / company.
Primary Security
Hypothecation of vehicle i.e. New Two wheeler / Car / MUV purchased out of loan by Govind Urban Society and noting of hypothecation charge in the books of RTO and Registration Book.
Collateral Security
For Individuals:
Preferably guarantee of the spouse or One third party personal guarantee acceptable to the credit society.
For Bank’s existing Mid Corporate/ Corporate borrowers :
Hypothecation of New Car/MUV to be purchased with the help of Credit Society’s Finance. Extension of charge over the existing collateral security.
| Limit | Up to Rs. 30 Lakh |
| Tenure | Up to 12 Months |
| Rate of Interest | 12% (Reducing) |
| Documents Required |
1. Three Passport Size Photographs 2. ID Proof – Pan Card, Aadhar Card, etc. 3. Address Proof – Electricity Bill, Water Bill, Tax Receipt, etc. 4. Membership Fee: Rs. 160/- 5. Rs. 100/- Stamp paper &1Witness |
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