Purpose

  • To purchase new two wheeler viz.: Scooter(s), Motor cycle(s) & Scooterrete

Eligibility

  • Gross monthly income (Self employed/Business/Salaried & Other income) of borrower along with that of spouse/other family members should be at least double of monthly installment of the loan

Limit

  • For individuals: 30 times of Net Monthly income or loan amount whichever is lower

  • For business concerns: Need Based

Margin

  • Natural Person (for personal purpose)- not less than 50% of purchase price of vehicle 

     (subject to NRB stipulation)

Nature

  • Term loan

Interest rate

  • Competitive rate (subject to change)

Repayment

  • 3 yrs on EMI basis

Security

  • Registration of bike in favor of bank
  • Guarantee of spouse/other family member or 3rd party guarantee acceptable to the Bank.

Insurance

  • Comprehensive policy with third party insurance as per Banks’ clause

Bank has tie up arrangement with different companies for financing of bikes.

 


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