Hire Purchase Loan
Who cannot afford the full price for goods (vehicles) but can afford to pay in installment with interest can take this type of loan. Lender bank will be the owner of vehicle until customer pays out all the installment with interest. After payment of all sum, customer will get the official custody of there goods. The interest will be charged on sanction amount @12%-16%.
- Customers can pay their installment in quarterly basis or in monthly basis as per their requirement and request.
- The time period of loan could be 1 year - 5 year.
- Customers can borrow maximum 50% of valuation amount.
- Upto 2% service charge on sanction amount .