Date : Nov 9, 2024
To : OLA ELECTRIC 2W
LOAN APPROVAL LETTER
Dear Sir,
We are pleased to inform you that the loan application of Ganesan Jayaraman has been approved vide approval no.
90011172541 as per the details mentioned below.
SFDC ID 90011172541
Location SALEM
Name of
Ganesan Jayaraman
Customer
Brand Name OLA ELECTRIC
Model Name 4 KW
Sub Model OLA S1 PRO 2ND GEN
Name of
OLA ELECTRIC
Dealer/DSA
Scheme
ETW REGISTERED
description
Customer NO 296 PAGALPATTI RAJAVEEDHI Chellapillaikuttai Salem METTU STREET SALEM, TAMIL
address NADU 636304 - Property Status: Owned
The disbursement break up would be as under:
Asset Cost(ORP) 151308.00
Loan Amount Approved 121008.00
Down Payment Required 32490.00
Processing Fee 2179.00
Rate of interest (Reducing) 16.23
Net Disbursal 118818.00
GST Amount 0.00
The dealer/channel hold the responsibility to hypothecate the vehicle in the name of undersigned within 10
days of disbursal. (IDFC First Bank Ltd) In case of anymismatch in hypothecation dealer/channel will have to
facilitate correction within 10 days from date of intimation.
Thanking you,
For IDFC First Bank Ltd.
Notes:
1. This Approval Letter is valid for 7 days from the date of issue and subject to terms/condition as stated above.
Any change in terms /Condition would require a fresh sanction letter. For whatever reason, if the loan is not
disbursed within 7 days of issuance of this letter, then Bank will not be liable to pay the Dealer.
2. This must not be treated as a "delivery order" in respect of the vehicle. Kindly note this is only a conditional
approval document. The vehicle may be delivered basis this document but actual disbursement is conditional
to dealer/customer providing requisite post documents, eg.
Agreement,PDC/ECS,KYC,insurance,invoice,RCU approval etc.
3. In case, it is later found that customer had taken a different vehicle from the dealer than the one specified in
the invoice provided, then Bank will not be liable to pay for that case. In case such instances are identified
post disbursement, Bank would have rights to adjust the payment for the said case with any subsequent.
4. In case amount is transferred already, Bank is allowed to adjust the same from subsequent disbursals In case
there are any changes to the scheme after issuance of the sanction letter then only a fresh sanction letter
incorporating the impact of the changes will be valid and the disbursement amount may change accordingly.
5. It is assumed that you have inspected the vehicle and satisfied yourself of the quality thereof. Bank will not be
liable for any defect or delay in delivery or any service issue concerning the Dealer/Regional Transport
Office/Insurance Company or any other intermediary involved in the deal.
6. The vehicle has to be registered at the address mentioned above.
7. Borrower has the option to change the Interest rate type from floating rate to fixed rate.Fixed rate will be as
prevailing at the time of change request. Charges for ,changing the interest rate type are mentioned below.
8. Interest rate type change will charged at Rs 1000.
9. Interest rate type can be switched only one time during the entire tenure of the loan. Once interest rate is
switched from floating rate to fixed rate, it will not be allowed to switch back to floating rate for rest of the
tenure remaining on loan.
10. Increase in benchmark lending rate will lead to increase in EMI or Tenure or both and decrease in benchmark
lending rate will lead to decrease in EMI or Tenure or both. Default option will be impacting the tenure as per
bank's policy. In case borrower wants to increase the EMI, Borrower to approach the bank and bank to decide
basis its internal evaluation.
This is a computer generated letter and does not require any signature
IDFC First Bank Limited (Formerly IDFC Bank Limited)
Naman Chambers, C 32, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051 Tel: +91 22 2654 0354
Registered Office : KRM Towers, 7th Floor,No. 1, Harrington Road,Chetpet, Chennai 600031. Tel: +91 44 4564 4000 Fax: +91 44 4564 4022
CIN : L65110TN2014PLC097792 bank.info@idfcbank.com www.idfcfirstbank.com
