Who can be my co-applicant for OBC New Vehicle Loan?
A co-applicant can be any who is a closely relative of the borrower, be it spouse, father, mother, brother, son, daughter-in-law or unmarried daughter.
What security or collateral I have to provide?
For two wheeler, the borrower has to provide one personal guarantee if Gross Monthly income is less than Rs. 30,000 per month.
For four wheeler, one personal guarantee is mandatory if Gross Monthly income is less than Rs. 40,000 per month.
What expenses will be covered by the funds?
The loan funds will cover Ex-Showroom Price of the vehicle, one time road tax, Registration Charges and insurance cost for the first year.
Is there any concession provided on the loan?
Yes, a concession of 0.25% in rate of interest is provided to captive and loyal customers, existing home loan borrowers and group of employees.