Saptagiri Grameena Bank

For purchase of
1. New Four Wheeler
2. Used Four Wheeler (Age not more than 3 years)
3. Financing of second hand vehicle on the basis of duplicate Registration Certificate is not permitted

Salaried: 20 times of Gross monthly Salary
For Professionals and Businessmen: 20 Months Income (average income earned in the last 2 years)
For Agriculturists: 20 Months Income – to be calculated based on the income certificate given by Tehsildar, if Tehsildar certificate is not available loans upto Rs 5,00,000/- only can be availed on basis of income assessment by the Branch Manager.

For Loans upto 20 Lakhs:
a) Hypothecation of Vehicle purchased out of the loan amount
b) If considered necessary by the sanctioning authority tangible security / guarantee of spouse/third party to be made available for the advance
For loans above 20 Lakhs:
a) Hypothecation of Vehicle purchased out of the loan amount
b) For portion beyond Rs.20lakhs, 100% collateral security in the form of EM of immovable properties/ NSC /fixed Deposits / Surrender value of LIC policies to be stipulated
c) Suitable third party guarantee is desirable

If income of spouse is included -guarantee of spouse
For all Vehicle Loans - guarantee of spouse / third party guarantee (in case spouse is not available / unmarried) may be insisted

Bank’s lien will be noted in RC Book. In case of second hand vehicles, no prior lien should persist on the vehicle

New Vehicle - Maximum up to 84 months
Used Vehicle - Repayment period should be fixed based on the age of vehicle subject to a max. Period of 60 months

Age of the Vehicle	Repayment Period
Upto 2 years	60 Months
Above 2 years upto 3 years	48 Months