The customer is required to pay the leasing installment every other month. On the skipped month, the customer is required to pay a nominal value of Rs.1/-. The customer also has the option to add the Rs.1/- to the monthly installment and pay the total value every other month.
Eg: If the monthly installment is Rs.10,500/- the customer can add the nominal Rs.1/- that needs to be paid for the skipped month and pay Rs.10,501/- every other month.
It is important to note that the bank will consider the Rs.1/- as an installment for the skipped month. It is mandatory to pay the Rs.1/- on the skipped months.
For the customer’s convenience, the customer can combine the Rs.1/- with the installment paid every other month or deposit a lump sum equivalent to the total Rs.1/- installments in the loan recovery account.

In the event where there is a delay/default in the payment of monthly installments, from the subsequent payments, the bank will recover the total due amount applicable in the same order it has defaulted. The Rs.1/- installment will also be considered as a separate installment for the skipped month. The bank will charge a penal interest as applicable for the installments that are in arrears.

It is applicable for all registered and unregistered manufactured not less than 10 years old.

Vehicle valuation
Certificate of Registration (CR)
NIC copy
Income proof documents (Payslips, Business Registration, Bank statements, etc.)