RBI LIC. NO.: 04/01/1975 No. 52 P Registration NO.: 03/08/1972 No. 1557 Y

Rupay-Offers | Account Login

RBI LIC. NO.: 04/01/1975 No. 52 P Registration NO.: 03/08/1972 No. 1557 Y

Rupay-Offers Account Login

Vehicle Loan

Purpose
  • Purchase of brand new two wheeler/four wheeler vehicle for personal use.
  • Purchase of brand new three wheeler/four wheeler vehicle for commercial use, such as Auto-Riksha, Loading taxi, Taxi car, Cab, Bus, Truck, Tractor etc.
  • For purchase of personal vehicles powered by non-conventional energy, such as electronic / battery operated small vehicles for urban transport provided they are registered with RTO. Such vehicles not registered with RTO can be financed subject to specified reduced limits of advance preferably with collateral security.
Who are eligible
  • Share Holder Of The Bank.
  • Salaried employees, Professional & Self-employed Individuals. People engaged in trade / commerce / business, Directors of Companies, Staff Members of our Bank. Non-Resident Indians in India – advance to be granted jointly with Resident Indians (close relative only) Age of the individual borrower not to exceed 65 years at the time of availing the advance. Minimum three years service as a permanent employee for salaried employees and remaining service till repayment period. Minimum three years experience / establishment for Professional & Self-employed persons. Companies, Partnership Firms, Proprietary concern and other types of Corporate entities with existence of a minimum of three years. HUF not permitted.
Type of Advance
  • Term Loan
Quantum of Loan
  • Maximum limits for finance :
    1. Individuals (Resident in India) Rs.20 Lac
    2. Non-Resident Indians Rs.20 Lac
    3. For Proprietorship / Partnership Firms, Companies and Corporate entities Rs.50 Lac (Can be a fleet of vehicles)
    4. For vehicles run on non-conventional energy and not required to be registered with RTO.
      Two wheelers: Rs.50,000/- (Maximum)
      Four wheelers: Rs.4.00 Lac (Maximum)
  • The limits are subject to:
    1. 30 times of gross monthly emoluments in case of salaried employees or 2.5 times of gross average annual income as per last 2/3 yeas I.T. Returns.
    2. Net take home pay should be at least 40% of income (net of proposed EMI.
    3. 2.5 times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c
Rate of Interest: (on daily reducing balance at monthly rests)
  • UUCB Two Wheeler Loan (Individuals):
    • For New vehicles repayable up to 3 years: BPLR – 0.75%. (Floating)
    • For New vehicles repayable beyond 3 years: BPLR – 0.25% (Floating)
  • UUCB Four Wheeler Loan (Individuals):
    • For New vehicles repayable up to 3 years: BPLR – 1.75% (Floating)
    • For New vehicles repayable beyond 3 years: BPLR – 1.25% (Floating)
    • For Second Hand vehicles: BPLR + 0.25% (Floating)
    • UUCB 3/4 Wheeler loan(Commercial) : BPLR + 1.25% (Floating)
Margin
  • New Vehicles:
    • For Individuals: 15%
    • For Others: 20%
    • For second hand 4 wheelers: 30%
Concession in Rate of Interest:
  • 0.5% to shareholder members of the Bank or
  • 0.5% if collateral security is offered in the shape of:
  • Equitable Mortgage of non-encumbered residential house / flat, commercial or industrial property in the name and possession of the borrower (including joint owners) i.e. self-occupied or vacant. The property should be of value not less than the loan amount. The property in the name of spouse / relative may also be accepted as security making them either co-borrower or guarantor;
  • NSC / Govt. Bonds (excluding shares) – to the extent of 125% of loan amount.
  • Time Deposit of Bank / Surrender Value of LIC to the extent of 110% of loan amount.
Security
  • Hypothecation of vehicle to be purchased out of Bank finance.
  • Charge to be registered with RTO.
  • Third party guarantee of Loan amount acceptable to bank.
  • Loans to NRI – Guarantee of Resident Indian is required.
Repayment
  • For Individuals: 4 wheelers – Maximum 7 years.
    2 wheelers – Maximum 5 years.
  • or Others: 4 wheelers – Maximum 5 years.  2 wheelers – Maximum 3 years.
  • For second hand 4 wheelers – Maximum 4 years.
Processing/ Handling Charges
  • UUCB Two wheeler Loan
    For new vehicles repayable up to 36 months: Rs.500/- per vehicle
    For new vehicles repayable beyond 36 months: Rs.750/- per vehicle
  • UUCB Four wheeler LoanFor new vehicles repayable up to 36 months: Rs.1500/- per vehicle
    For new vehicles repayable beyond 36 months: Rs.2000/- per vehicleFor second hand vehicles: Rs.2500/- per vehicle
  • For Partnership firms/Corporates : Processing charges will be 150% that of applicable to individuals.
  • Additional charges for deviations from the scheme norms : One time processing charge of Rs.500/- per vehicle.
Concession in Processing Charges
  • Rebate in Processing Charges:
    • 1. 50% to Regular Members / Shareholders of our Bank.
    • 2. 100% for Senior Citizens, Physically Handicapped persons, Staff members and Retired staff members of our Bank, Pensioners drawing pension through our bank.
Disbursement
  • Payment to be made to dealer / sub dealer directly by P.O./ DD.
Agreement charges
  • Applicable as per Fair Practice Code.
Documents to be submitted
  • Application in prescribed format with:
    • Documentary proof of Identification
    • Performa Invoice from Dealer 5. Statement of Account / Passbook of Bank Account for last six months
    • Documentary proof of Income (Form 16 / IT Returns)
    • Undertaking from the Employer regarding repayment
    • Duly Signed Blank Transfer Form.