Vehicle Loans

DBGB – Saarthi - Scheme For Financing Purchase Of Two Wheelers by Public

Purpose

For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Scooterrete (s), Moped(s), (subject to Registration of vehicle with RTO).

Eligibility

Existing DBGB customers with at least 6 months satisfactory transactional record OR new customer with satisfactory track record of last one year with other Bank/FI in the age group of 18 years and 60 years holding a valid driving license. Salaried individuals drawing salary from our bank or under check off facility from the employer. Students, 18 years and above till gainfully employed, with salaried parent as co-borrower drawing salary from our bank; Business concerns (Corporate or non –corporate)

Income Criteria

  • Minimum Net Monthly Income of Rs.10,000/- p.m. In case of students, Income/salary proof of parent/guardian who will be co-borrower be considered.
  • Income of spouse can be taken into consideration for determining the income criteria provided satisfactory proof of income is produced.
  • Income of business concerns be verified from Income Tax Returns filed and challans for Tax Deposited.

Quantum Of Finance

  • a) For Scooters, Motorcycles & Scooterrete - Maximum Rs 1,00,000/-
  • b) For Mopeds - Maximum Rs 20,000/- (subject to repayment capacity)

Margin

Where salary is being disbursed through the concerned bank branch and/or Check off facility. 10%
Business concerns 25%

Security

Hypothecation of 2 wheeler financed from bank loan Guarantee acceptable to bank as per guidelines

Repayment (Maximum)

  • For Scooter and Motorcycle – 60 EMIs
  • For Scooterrete – 30 EMIs
  • For Mopeds – 24 EMIs
  • Maximum Permissible deductions – 40% to 60% of Net
  • monthly salary/ income

Repayment (Maximum)

  • For New Car/Van/Jeep/MUV/SUV: 84 EMIs
  • For Old Car/Van/Jeep/ MUV/SUV: 60 EMIs
  • In case of persons engaged in agriculture & allied activities: At Half yearly/yearly intervals coinciding with the time of harvest.

Prepayment Charges

NIL

Rate of Interest

MCLR+3.50=11.80 % p.a. (Changeable as per RBI/bank’s guidelines)

Processing Charges/ Upfront Fee/Documentation Charges

As per bank’s guideline.

DBGB – Power Ride - Scheme For Financing Purchase Of Two Wheelers to women

Purpose

  • For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Scooterrete(s), Moped(s).
  • Salaried with minimum 6 months service;
  • Self-employed with experience of more than one year (Based upon declaration/bank account/ITR etc) ;
  • Student with their parents/guardian as co-borrowers;

Note

  • Individuals should be in the age group of 18 years to 65 years and should hold valid driving license. In case of students age of parents/ guardian is to be considered and in that case driving license may be in the name of Student/ parents/guardian
  • Having an account preferably in DBGB or in any bank for more than 6 months. In case of students bank account may be in the name of parents/guardian.

Income Criteria

  • 1.1 Minimum Net Monthly Income of Rs.8, 000/- p.m.
  • 1.2 In case of students, Income/salary proof of parent/guardian who will be co- borrower shall be considered..
  • 1.3 Proof of Income:
    • Latest 3 salary slips along with Form 16/ITR of previous year in the case of salaried borrower(s);
    • ITR of previous year in the case of self-employed individuals;

Loan Amount

  • Max. Rs.60000/-

Margin

  • 10% of ex-showroom price.-

Repayment

  • Max. 36 months in equated monthly installments.

Rate of Interest

(Changeable as per RBI/bank’s guidelines time to time)

Processing Charges/ Upfront Fee/Documentation Charges

Upfront Fee: Rs. 500/- + service tax as applicable;

Documentation Charges: NIL