Do I have to pay any margin money to avail the loan? And how much do I have to pay?
For loan amount up to Rs.20 Lacs, a margin money of minimum 10% of loan amount is mandatory to be paid. Whereas a 20% margin money is necessary for loan amount more than Rs. 20 Lacs.
Do I have to provide any security for loan?
The hypothecation of vehicle purchased is mandatory as the loan security The hypothecation charge should be registered with RTO Authorities.