Hire Purchase (Vehicle) Loan

Documents required with the application

• Recent photographs of the member and two guarantors.
• Self-attested copies of the society ID cards of the member and both guarantors.
• Income certificate or a copy of last year’s income-tax return.
• Last three months’ statement of another bank account.
• A quotation from the dealer of the vehicle to be purchased.

Please note

• A down payment of 30% of the vehicle price in the quotation is required.
• Vehicle loans are given up to a maximum of ₹10,00,000 (ten lakh).
• Maximum tenure 60 months: 24–36 months for two- and three-wheelers, 24–60 months for four-wheelers.
• Interest is charged at the rate decided by the society.
• Borrowing members cannot stand guarantee for each other.
• Instalments are paid by ECS; 5 cheques of the borrower and 2 cheques of each guarantor are kept as security.
• Compulsory savings equal to 1% of the sanctioned loan must be in place.
• Complete the KYC of the borrower and guarantors before applying.
• Any dues of loans the borrower or guarantors have guaranteed must be cleared first.