|Purpose||For purchase of New Vehicles like all type of Buses, Trucks, Tankers, Tempos, Taxi, Four/ Three wheelers, battery operated rickshaws and any other commercial Public Road Carrier subject to the condition that the vehicle is commercially approved by the competent authority.|
|Quantum of Loan||
For new business entities: - Maximum Rs.50.00 lac
For existing business entities: - Maximum Rs.2.00 crore (Loans above Rs.2.00 crore may be considered out of this policy and may be considered as per the guidelines vide loan policy of the Bank.)
|Margin||15% flat margin on cost of project that includes, cost of vehicle (pre-assembled/ cost of chassis/ cost of body), onetime registration charges & Road Tax, and insurance for First year.|
|Rate of Interest||Please click here For rate of interest|
Repayment of loan
Maximum : 5 Year
Flexible repayment : Ballooning of installment may be done.
Moratorium Period 3 Months over & above the overall repayment period
|Processing Fee||Please click here For Processing fee|
|Security||Hypothecation of the vehicle to be purchased.|
Loan amount up to Rs. 2 lac: Collateral is not mandatory.
Loan amount above Rs. 2 lac: 100% Collateral required except in cases covered under CGTMSE.
Third party guarantee / guarantee of earning family member for cases up-to Rs.2.00 lac be obtained.
For cases above Rs.2.00 lac Guarantee may be waived inthe cases covered under CGTMSE or where collateral is offered.
Guarantee of the property owner (if other than borrower) must be obtained in all the cases where collateral is offered.
|Prepayment||The borrower may opt to prepay / adjust the loan from his own verifiable legitimate sources or genuine sale without attracting any penalty, except take-over of the loan by other bank/ FI/ NBFC, which would attract prepayment @1% of the balance loan amount.|
- Sun, February 25-2018