Gen-Next Lifestyle
Rate Of Interest
- 2% above BPLR i.e. 14.5%
For vehicle loan, rate of interest prescribed under Baroda Car / Two Wheeler Loan product from time to time, will be applicable.
Processing & Documentation Charges
- 0.75% of loan sanctioned subject to minimum of Rs. 250/- + service tax as applicable (one time).
Repayment
- Furniture & Fixture/New Consumer Durables : 60 months
- New Vehicle (Two wheeler/Four wheeler) : 60 months.
- Old Vehicle (Four wheeler only) : 36 months.
- New Modern Gadgets (Including Laptop/PC) : 24 months.
Loan will be repaid in Equated Monthly Installments (EMIs). (12 post-dated cheques are to be obtained in advance every year, with undertaking to maintain adequate balance).
Features
- Anywhere banking facility.
- Free Internet Banking facility.
- No Prepayment charges.
- Travel, Investment and FOREX Support.
- Free Next-Gen Credit Card with Add on card for spouse.
Banking Relationship
Applicant’s banking relationship either with our bank or other bank should be analyzed / examined by perusing pass book or statement of account of his main bank account of last six months to satisfy that the conduct of the account is satisfactory.
Security
- Loan agreement - cum - Instrument of Hypothecation of Home Furnishings / Consumer Durable goods / vehicle / PC or Laptop / New Modern Gadgets.
- Hypothecation of vehicle, in case of loan for a car / two wheeler.
- Usual undertakings / documents as applicable to pledge of FDRs, NSCs, shares Bonds, Units etc., if stipulated.
- Personal Guarantee of one / two persons having adequate worth. The guarantee may be waived if loan is availed only for purchase of new vehicle.
Documentation
- D.P. Note.
- Letter of installment with acceleration clause.
- Declarations cum Undertakings cum Authority
- In case of vehicle loan, Bank’s charge to be noted with RTO (Certified Xerox copy of the Registration Certificate having bank’s name as financier be kept on bank’s records with the documents.
- Blank TTO forms in duplicate.
- Hypothecation of Vehicle (LDOC-20) / PC / Laptop / New Modern Gadgets etc, if availed.
- Other documents to charge the liquid securities, if offered, as per bank rules.
- General form of Guarantee, if stipulated.
- Other securities, as stipulated.
- Adequate insurance of articles purchased out of bank loan with Banker’s clause. The premium is to be borne by the borrower.
Other Provisions
- Separate loan account for Home Furnishings / Consumer Durables, vehicle and PC / Laptop / New electronic gadgets to be maintained, if availed.
- Penal interest @ 2% p.a. on overdue amount for period of default.
- Loan is to be considered only for reputed brands.
- A stamped undertaking from the employee authorizing the employer to remit the salary every month to the bank for credit of specified SB / Current Account during the currency of the Loan facility and also to deduct from the retirement / terminal benefits, the outstanding overdraft amount with the interest in case of retirement / resignation / cessation of employment for any reason. A copy of the undertaking duly acknowledged by the employer has to be kept on branch.
- The payment will be directly made to the dealers in case of new vehicle/ other articles.
- In case of second hand cars, certificate about the value and residual life of the car to be obtained from a reputed garage.
