Hire Purchase Loan

A Hire Purchase Loan is provided to individuals, firms, or companies for the acquisition of movable assets—primarily vehicles—intended for personal or business use, whereby ownership is transferred upon full repayment. Generally, It is called Auto Loan if the facility is provided to the Individuals and Hire Purchase Loan if this facility is offered to the firms and companies. 

Features

Interest Base Rate + Up To 5% Premium
Repayment Equated Monthly Installments (EMIs)
Collateral  The respective vehicle to be registered in the name of the Institution. Additional collateral may also be obtained. 

Documents:

  • Copy of Citizenship Certificates of the borrower and the personal guarantor
  • Income Source evidencing documents
  • Residence Site Visit Report
  • Family Tree
  • Personal Net-worth of the borrower and Guarantor
  • Clean CICL Report
  • Copy of Blue Book / Copy of Vehicle Test Certificate (as applicable)
  • Other documents as per nature of the credit proposal and security documents 

Following Documents if real estate collateral is also offered:

  • Land Ownership Certificate
  • Land Revenue Paid Receipt
  • Blueprint
  • Survey Map
  • Four Boundary Certified Letter from Metropolitan/ Sub
  • Metropolitan City / Municipality / Rural Municipality
  • Land registration document (Rajinama/Da.Kha.) to calculate cooling off period
  • Letter of consent of all the adult family members to mortgage the real estate collateral if PG has not been obtained or they have not signed as witness in the mortgage deed.
  • Building construction completion certificate also in case of land and building