Auto Loan Scheme (Under Priority Sector)
 
Who can apply?
Permanent resident of Mumbai / Navi Mumbai /Thane having a valid RTO permit to ply autorickshaw in Mumbai / Navi Mumbai /Thane.
 
What should be  the purpose?  
Purchase of brand new vehicles 3 wheelers to be used as Autorickshaw (Public Transport Operator)
 
Area of Operation
City Limits of Mumbai, Thane, & Navi Mumbai only
 
What is the age  criteria?
 Min: 21 years, Max : 65 years
 
What is rate of interest?
14% p.a. with monthly rests (2% Penalty for default)
 
What will be the Margin?
10% on gross invoice value inclusive of cost of Insurance, Tax, Meter, CNG, etc.
 
What will be the repayment period?
a)     60 EMIs for NEW vehicles commencing from the succeeding month of disbursement
b)     48 EMIs for OLD vehicles commencing from the succeeding month of disbursement
c)     Loan installment will be directly deposited by the borrower in loan account and not through sponsor
d)     No pre-payment penalty
e)  PDC/ ECS Mandate to be obtained for repayment
 
Other Conditions relating to Sponsor
• MOU will be executed between Sponsorer and Bank
• Fixed asset to be given a collateral security
• Regd. Mortgage of Collateral Security to be done
 
Other Conditions relating to Sponsor
•The overdue percentage at any point of time should not exceed 2.50% of the total outstanding. In case it exceeds, the concerned Branch should stop further disbursement until it is brought down within the said permissible limit.
• Overdues should be monitored on monthly basis.
• There should be no NPA at any point of time.
 
What about guarantors?
Guarantee by Sponsorer and 2 Guarantors (from a group of borrowers/guarantors).
 
What about Processing fee?
0.5% of loan plus Service tax
 
What will be the share linkage
1% of loan sanctioned (share money not to be refunded after closure of loan account, but refund request can be considered only after HO permission)
 
Account Opening
Borrower & Guarantors to open a Saving Bank Account with the branch
 
What will be the securities-Primary? 
Hypothecation of vehicle to be registered with RTA. Also Bank’s hypothecation charge should be Recorded in the RC Book and lodged with the Bank.
 
What about insurance?
• Vehicle to be fully insured with Bank Clause & insurance premium to be paid separately by the borrower apart from EMI’s.
• Original policy to be lodged with the Bank.
• Letter of Authority in favour of Bank to debit saving / loan A/c with the amount of insurance premium if the renewed policy is not submitted within 10 days from the date of expiry of the Policy
 
Documents Required
  • Proof of Identity /Residence as per KYC Norms for Applicant & Guarantors
  • In case of rent house affidavit from Flat Owner and copy of LL Agreement
  • Copy of PAN card
  • Copy of IT Returns of last 3 years, (If available)
  • Passport size photograph – 3 copies
  • Proforma Invoice/Quotation from dealer with break-ups
  • Copy of Bank Statement of the Applicant/Guarantors
  • RTO related forms (Form No-26, 28, 29, 31, 34, and 35) for registration of hypothecation & blank transfer forms duly signed.
  • Copy of Driving License
  • Copy Electricity Bill/Ration Card/Telephone Bill
  • CIBIL report
    •  
    Other Documents (To be submitted after disbursement)
  • R.C. Book evidencing Bank’s hypothecation charge duly registered
  • Duplicate keys will be deposited with Bank
  • Original Tax Invoice.
  • Copy of Comprehensive Insurance Policy with Bank clause.
  • Acknowledgement of the borrower having received the delivery of the vehicle in perfect Condition.
  • Affidavit-cum-Declaration that the borrower will handover the possession of the vehicle to the Bank’s representative in case of default.
  • Letter of Authority in favor of the Bank authorizing the Bank to sell the vehicle in case of default.
  • Vehicle Inspection Report of the Bank Official
    •  
    Penalty for Cheque/Ecs Bounce
    Rs.125/- plus service tax, per presentation.
     
    Account Opening
    Borrower & Guarantors to open a Saving Bank Account with the branch
     
    Sanctioning Authority
    Branch Manager
     
    Disbursement of Loan
    Loan amount shall be disbursed by way of reimbursement to the account of the Sponsor, only after the entire file with proper documentation as per bank’s scheme is received by us.
     
    Inspection
    Inspection of the vehicle to be carried out after the disbursal of loan & report in our prescribed format to be held on record.
     
    Deposit
    Minimum Fixed Deposit of Rs. 5.00 lakh duly discharged and Bank’s lien noted in addition of 2.5% of the each loan amount by way of FD duly discharged with Bank’s lien noted
     
    Sponsor Letter
    Sponsorer will issue a letter sponsoring the Borrower and Guarantor
     
    Details of Permissible Limit

    • For Purchase of brand new auto with CNG Rs. 1,70,000/-
    • For Purchase of Old auto’s:

    Model
    Year
    CNG
    Without CNG
    2002
    Rs.    75,000/-
    Rs.     40000/-
    2003
    Rs.    80,000/-
    Rs.    50,000/-
    2004
    Rs.    85,000/-
    Rs.    55,000/-
    2005
    Rs. 1,00,000/-
    Rs.    60,000/-
    2006
    Rs. 1,05,000/-
    Rs.    70,000/-
    2007
    Rs. 1,10,000/-
    Rs.    80,000/-
    2008
    Rs. 1,20,000/-
    Rs.    85,000/-
    2009
    Rs. 1,30,000/-
    Rs.    90,000/-
    2010
    Rs. 1,40,000/-
    Rs.    95,000/-
    2011
    Rs. 1,45,000/-
    Rs. 1,00,000/-
    2012
    Rs. 1,50,000/-
    Rs. 1,10,000/-
    2013
    Rs. 1,60,000/-
    Rs. 1,15,000/-
    2014
    Rs. 1,60,000/-
    Rs. 1,15,000/-
    2015
    Rs. 1,70,000/-
    Rs. 1,25,000/-

     
     
     
    National Co-operative Bank