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`PNB POWER RIDE` - SCHEME FOR FINANCING TWO WHEELERS TO WOMEN |
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Purpose |
For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Moped(s), (subject to Registration of vehicle with RTO). |
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Eligibility |
Salaried with minimum 6 months service in present organization,
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. |
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Income Criteria |
Minimum Net Monthly Salary/Income (GMS/I) of Rs.8,000/- p.m including the proposed two wheeler loan installment.
In case of students, Income/salary proof of parent/ guardian who will be co-borrower be considered.
Proof of Income :
i) Latest 3 salary slips along with Form 16/ ITR of previous year in the case of salaried borrower(s);
ii) ITR of previous year in the case of self employed individuals |
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Quantum of Finance |
Need based Max Rs 60000.00 |
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Margin |
10% of ex-showroom price |
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Security |
Hypothecation of 2 wheeler financed from bank loan Guarantee acceptable to bank as per guidelines |
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Repayment (Maximum) |
Max 36 months
Maximum Permissible deductions – All deductions including the proposed Two-wheeler loan installment should not exceed 50% of Gross Monthly Salary/ Income (GMS/ I) |
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Prepayment charges |
Nil |
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Rate of Interest |
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Processing Charges/ Upfront fee |
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Documentation Charges |
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Above are only salient features of the scheme. For details please contact nearest branch