The Kolhapur Urban bank has launched a special scheme providing loan for vehicle purchase. This scheme applies for personal as well as tourist four wheeler purchase .
The applicant must be / become a member of the Bank. He must be in business / job for at least last three years. He must be capable of paying the EMI of the loan from the Income. Investment with the bank must be at least 5% of applied loan amount. Must have self owned or family owned fixed assets in the working area of Bank or must have regularly cleared previous loan with the bank.
Security for Loan:
The purchased vehicle will be taken as security against the loan and the same will be hypothecated to the bank on the R.C.Book. The said vehicle must not be older than 1 year in any case. Loan protection insurance policy will be taken as added security for the loan. Also two guarantors of which one must be class ‘A’ member of the Bank.
The duration for the repayment of the loan will be decided considering the repayment capacities of the applicant subject to a maximum of 4 yrs.
Loan Amount :
At any time a loan for maximum two vehicles will be alloted. The amount can be upto a maximum of 75 % of cost of vehicle + registration charges + taxes, depending upon the repayment capabilities of the applicant.
Interest Rate & EMI :
A special Interest Rate and easy EMI facility is provided under this scheme.