Second Hand Vehicle Loan Scheme

Beneficiary Individual, Sole Prop., Professionals and Partnership Firm.
Purpose For the purchase of second hand vehicle should be not more than 4 years.
Loan Limit Maximum amount up-to Rs. 5.00 Lac or 75% of cost of vehicle or 1.5 times of annual income whichever is less.
Rate of Intt 14%
Margin 25%
Repayment Period Maximum 5 years.
Collateral Security Two Good Sureties as per satisfaction of the bank besides the hypothecation of the vehicle.
Area of Operation Loan shall be advanced in the area operation in the Muktsar district.