Commercial Vehicle Loan

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

 80% of Quotation of vehicles (Basic price + R.T.O. charges)

Type of facility

Term Loan only.

Security

  • Primary security:
  • The primary security will be hypothecation of vehicle/s in Bank’s favour to be registered with RTO & blank TTO transfer forms should be obtained duly signed by borrowers.

Margin

20%  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

1.5 % of the loan amount

Guarantee

 Two guarantor Possessing property and also Income tax-payer

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