Indian Overseas Two Wheeler Loan:
Scheme is named as Pushpaka, and is available at Indian Overseas Two Wheeler Loan rate to all applicants who are eligible as per Indian Overseas Two Wheeler Loan eligibility conditions.
Indian Overseas Two Wheeler Loan Interest Rate:
Loan is extended at Indian Overseas Two Wheeler Loan rate that is as follows:
- Tenure up to 36 months: 12% per annum
- Tenure exceeding 36 months: Indian Overseas Two Wheeler Loan rate is at 12.50% per annum
Above mentioned Indian Overseas Two Wheeler Loan interest rate is calculated as per floating system of ROI calculation.
Indian Overseas Two Wheeler Loan Eligibility Norms:
Persons who are eligible for loan under Indian Overseas Two Wheeler Loan eligibility criteria and may be extended finance at Indian Overseas Two Wheeler Loan interest rate:
- Salaried employees of government organizations, such as central and state; PSUs; reputed private company.
- Above should be confirmed employees
- Above should have a net-take-home income of Rs. 8000 (minimum): it may or may not be arrived at by culmination of principal borrower and spouse’ income
- After taking into account all deductions, including one on present loan scheme, net take home pay should not be less than 50% of gross amount
- Non-salaried borrowers, such as professionals and self-employed businessmen and traders etc.
- Indian Overseas Two Wheeler Loan interest rate remains same for all borrowers stated above.
Quantum Of Indian Overseas Two Wheeler Loan:
Bank decides loan quantum at amount that is lesser between:
- 90% on value of vehicle
Or
- 10 times of gross monthly income
Or
- Rs. 60, 000
Indian Overseas Two Wheeler Loan rate remains constant across all quanta of loan that are extended as per above.
Procedure To Be Followed While Applying For Indian Overseas Two Wheeler Loan:
Applicants who are eligible as per above mentioned Indian Overseas Two Wheeler Loan eligibility conditions may either apply online (by visiting official link); or by visiting nearest branch of bank:
- Security required:
- Primary: hypothecation charge on vehicle to be acquired
- Spouse may join as co-obligant
- Insurance of vehicle to be acquired is a pre-requisite
- Documents required are as under:
a) Proof of income
b) Proforma stating quotation price.
c) Identity proof
d) Age proof
e) Residential proof
Tenure Of Indian Overseas Two Wheeler Loan:
Loan repayment tenure stands at 5 years and is uniform for all borrowers across all categories as per above stated Indian Overseas Two Wheeler Loan eligibility conditions. Indian Overseas Two Wheeler Loan rate is dependent on tenure of loan.
Repayment Of Indian Overseas Two Wheeler Loan:
Borrowers are to ensure that loan principal and interest on it, at Indian Overseas Two Wheeler Loan interest rate, should be repaid in a maximum of 60 equated monthly installments.
Product Page URL Of Indian Overseas Two Wheeler Loan: you may avail of further details pertaining to above loan scheme by visiting link:http://www.iob.in/pushpaka.aspx
Branch Office Address (In Table):
City | Branch | Address | Phone number |
Delhi | Karol Bagh | 10222 &, 10223, GURUDWARA ROAD, KAROL BAGH, NEW DELHI -110005 | (011) 28751074 |
Mumbai | Fort | 10-Feb, ELPHINSTONE BUILDING, FORT, VEERNARIMAN RD,HORNIMAN CIRCLE, MUMBAI - 400023 | (022) 22047341 |
Kolkata | Ballygunge | H / J2, Rajarhat Road, Baguihati, Kolkata – 700059 | (033) 24406525 |
Chennai | ADYAR | 12 SARDAR PATEL ROAD, CHENNAI - 600020 | (044) 24913138 |
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