Ride with Pride

Purpose of Loans:

1. For purchase of two-wheeler
2. Electric two-wheeler - Registered with RTO and with motor capacity of 250W and above.

Limits of Loans:

1. Maximum up to Rs. 20 lakh

Eligibility:

1. Salaried persons with confirmed service of minimum one year
2. other than salaried having regular source of income

Basis of Advance:

1. 80% of the on-road cost of two-wheeler
2. 25 times of the Avg net take home salary / 3 times Avg Gross cash accruals or

Repayment Period:

1. Maximum 60 months

Rate of Interest : Fixed

Reset of Floating Interest Rate on Equated Monthly Instalment [EMI] based Loan:

1. Option to Switch ROI Type:
   Borrowers shall have the option to switch their loan from Floating Rate of Interest (ROI) to Fixed ROI and vice versa, subject to a maximum of two (2) switches in a financial year during the entire tenure of the loan.

1. Applicable Charges:
   A request charge of 0.50% shall be levied on the outstanding loan balance at the time of the switch, irrespective of whether the switch is from fixed to floating or floating to fixed ROI.

Penal Charges:

1. Penal charges in the range of 1% to 2% p.a. each, subject to maximum of 2% p.a. for non-compliance of terms and conditions of loan contract, till such time the same is complied with.

Security:

1. Hypothecation of two-wheeler
2. For salaried –repayment through ECS/Standing instructions
3. One Guarantor

Shareholding:

1.  Rs. 1000/-

Processing Fees: 

1.  0.50% of Loan Amt - Max Rs. 5000/-

Documents Required:

1. Prescribed application form
2. Proforma Invoice from approved dealer.
3. Latest Photograph, Photo Identity Proof & Residence Proof of the Applicant & Guarantor
4. Salaried personnel:latest salary slips for last 3 months or ITR or form 16 for latest one year
5. Businessman/professional/ self-employed: last three years profit & loss account and balance sheet.