Gold Loan
  Vehicle Loan
  Personal Loan
  Daily Loan Scheme
 
 
 

Vehicle Loan:

VEHICLE LOAN RULES:

  • The loan amount will be maximum up to 70% of vehicle cost whichever .
  • The borrower must have R.D. Account (1% of loan amount) with society.
  • Other documents will be as required for daily loan scheme (Not mentioned there in that scheme). In addition to this, 3 photographs, voter ID card, ration card (self attested) must be provided for registration (R.C.) of vehicle.
  • The borrower will insured and the premium will be borne by borrower.
  • The guarantor in the loan application must be a government employee or proprietor of a prestigious firm.
  • The difference of loan amount and cost of vehicle must be deposited in saving account in advance.
  • The rate of interest on loan will be @ 24% (flat) per annum and share amount @ 2% will be charged. Service charge and file charge will not be charged.
  • The vehicle will be hypothecated to society till full payment of loan is made. The borrower cannot sale the vehicle before repaying the loan.
  • The installments of loan will be monthly and defaulters of monthly installment will have to pay 10% of monthly installment as penalty.
  • In case of nonpayment of total loan amount including interest and penalty interest till due date, an additional interest @ 6% of loan amount will be charged on monthly basis.
  • The loan will be for a maximum period of 18 months.
  • The loan will be finalized based on the price list provided by MADHURAM.
  • The borrower will insured and the premium will be borne by borrower.
 
 
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