Particulars |
Scheme Guidelines |
|
Purpose |
The purpose purchase of new Commercial Vehicles, Road Transport Equipment’s and Other Utility Commercial Vehicles. |
|
Eligibility |
Businessmen, Small Industrialist, , Manufacturing Units, Transporter Service Provider etc. |
|
Proof of activity |
The applicant enterprise must be in possession of registration / licenses, as applicable under local law e.g. Shop Establishment act, Sales Tax Registration, Road Permits, IT Returns or any other relevant permission / license from RTO. |
|
Loan Amount |
90% of Quotation of vehicles (Basic price + R.T.O. charges) |
|
Type of facility |
Term Loan only. |
|
Security |
|
|
Margin |
10% of on the road cost of the Commercial Vehicle/s. |
|
Insurance |
Comprehensive insurance policy with bank clause is compulsory, and be renewed periodically during entire tenure of the loan at borrowers’ cost. |
|
Rate of interest |
9.50% p.a. - only for new loan accounts. |
|
Repayment Period |
Maximum up to 84 months. |
|
Processing fees |
Nil |
|
Share linking |
2.5 % of the loan amount |
|
Guarantee |
Two guarantor Possessing property and also Income tax-payer |