Vehicle Loan

We at Radhakrishna provide two types of loan facilities for oru customers planning to buy a new vehicle.
1)Margin Money Scheme
2)EMI Advance Scheme

Margin Money Scheme

Period Interest Rate Processing Fee
12Months 11% 2%
24Months 12% 2%
36Months 13% 2%

Check points

Pre Delivery:

  • 1. Collect receipt for the cheque amount
  • 2. Prompt delivery of the vehicle has to be ensured
  • 3. Ensure to note hypothecation in the R C book
  • 4. Ensure to note our endorsement in the insurance certificate
  • 5. All vehicle financed by us, should be comprehensively insured, till the closure of the loan. No third party insurance will be entertained at any cost

    Post Delivery:

    • a) Collect a copy of the R C book, confirm our endorsement and verify the same with original
    • b) Collect a copy of the insurance certificate and confirm our endorsement
    • c) Collect a copy of the invoice and check it for its genuineness

Documents Required

  • Application from the Borrower in his own handwriting
  • Proposal for vehicle loan
  • Application for vehicle loan
  • Particulars of guarantors
  • Proforma Invoice
  • Copy of the latest tax paid receipt
  • Copy of the landed property [for 4 wheeler]
  • Bank pass book-Front page with address & 6 months transaction page
  • Pan card of the borrower
  • Pass port size photo of both borrower and guarantors
  • I T return of borrower if available [for 4 wheeler]
  • Address proof of both borrower and guarantors
  • Five cheque leaves, with the all the columns, duly filled as detailed below:-
    • 1st Cheque- For the whole loan amount including interest
    • 2Nd Cheque- For 20% of the loan amount including interest
    • 3rd Cheque- For 30% of the loan amount including interest
    • 4th Cheque- For 30% of the loan amount including interest
    • 5th Cheque- For 20% of the loan amount including interest
  • Demand Promissory Note.
  • Agreement for vehicle loan.
  • Other connected document

    • EMI Advance Scheme

    Period Advance EMI Interest Rate Processing Fee
    12Months 2 EMI 10% 1%
    18Months 3 EMI 11% 1%
    24Months 3 EMI 12% 1%
    30Months 4 EMI 12% 1%
    36Months 4 EMI 13% 1%

    Loan Amount : 100% of the invoice value
    Margin Money : Road Tax & insurance only
    All other details are as that of margin money vehicle loan scheme

    Used Vehicles

    Period Interest Rate Processing Fee
    12Months 14% 2%
    24Months 15% 2%
    36Months 16% 2%

  • Loan Amount : 60% of the market value
  • Mode of payment:- By crossed account payee, cheque in favor of the registered vehicle owner
  • Disbursal shall be made only after noting our endorsement in the R C book and insurance certificate only
  • Valuation of the vehicle is to be done by an approved insurance valuator and 60% of the valuation is the maximum funding limit
  • The vehicle has to be insured comprehensively for the market value till the tenure of the loan and no third party insurance cover will be entertained
  • Copy of the R C and insurance certificate has to be submitted

    • Documents Required

  • Application from the Borrower in his own handwriting
  • Proposal for vehicle loan
  • Application for vehicle loan
  • Particulars of guarantors
  • Valuation report from insurance valuator
  • Copy of the latest tax paid receipt
  • Copy of the landed property
  • Bank pass book-Front page with address & 6 months transaction page
  • Pan card of the borrower
  • Pass port size photo of both borrower and guarantors
  • I T return of borrower if available
  • R C copy of the vehicle for which the facility is requested with our endorsement
  • Copy of the insurance certificate of the vehicle for which facility is requested with our endorsement
  • Five cheque leaves, with the all the columns, duly filled as detailed below:-
    • 1st Cheque- For the whole loan amount including interest
    • 2Nd Cheque- For 20% of the loan amount including interest
    • 3rd Cheque- For 30% of the loan amount including interest
    • 4th Cheque- For 30% of the loan amount including interest
    • 5th Cheque- For 20% of the loan amount including interest
  • Demand Promissory Note.
  • Agreement for vehicle loan.
  • Other connected document
  • Duplicate Key