M.T. Car Loan Scheme

Eligible borrower :

Purpose:

Security :

Sureties :

Margin :

Vary from 10% to 25% depending upon the nature of activities undertaken by Borrower

Amount of Loan :

Branch Managers are empowered to sanction loan upto Rs.5.00 lakh under special car/two wheeler Loan scheme

MT loan under car loan scheme

Upto Rs. 5.00 lakhs	8%
Over Rs. 5.00/- Lakhs	8%

Repayment Period:

Other requirements:

Quotations/estimates, from competent authorities like Director of Road Transport, wherever applicable.
Copies of B/S, P/L A/c, I.T. Returns for last 3 years in case of already existing unit.
Valuation of Vehicles by Banks approved valuer in case of purchase of used vehicles.
If salary earners Salary Certificate of the borrower

Documentation:

Photograph
Proof of identity, Pan Card, Aadhar Card, Voter ID Card/ Passport
Loan Application in the prescribed form.
Joint & Several Demand Promissory Note.
Agreement for loan.
Agreement for Hypothecation/Assignment or any security acceptable to the Bank.
Agreement for salary deduction u/s 45 of Goa Co-op Societies Act 2001 if borrower/surety is/are salaried persons.
The financed vehicle/securities should be comprehensively insured against all possible risks, RTO Forms i.e. form no.29,30, 34 & 35, RC Book, Insurance Copy, Vehicle key
Any other document depending on the purpose/security of the loan.