Commercial Vehicle Finance (Used Vehicles)

To provide finance for purchase of Used Commercial vehicles.

• Individuals / Proprietorship/partnership firms  & Limited companies owning & operating or proposing to own & operate by himself/itself transport vehicles for carrying passengers or goods on hire.
• The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
• Ownership of a vehicle is not mandatory.
• Minimum age of Applicant: 21 years
• Maximum age of Applicant at loan maturity: 65 years.
• Minimum experience in the business for individuals: 2 years.
• Minimum period of existence in case of firms & companies: 2 years in business.

• Borrower should reside within the service area of the branch.

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Rs. 7.50 lacs/ vehicle with an aggregate limit of Rs 15 lacs per borrower.

25% of valuation amount.

• Primary:
  • Hypothecation of vehicle to be purchased. Banks name as hypothecate to be got noted in the books of the RTO and also the Registration Certificate.
• Upto & Inclusive Rs.10.00 lacs :
  • No collateral security and/or 3rd party guarantee and/or CGTMSE Cover.
• Collateral: 
   
  • Above Rs.10.00 lacs and upto & Inclusive Rs.15.00 lacs: Mortgage of immovable property equivalent to 100% of initial loan amount.

• Upto Rs. 20000/- :                               NIL
• Upto Rs.20000/- to Rs. 2.00 Lakh:      0.20% of the loan amount Plus applicable GST Min: Rs. 300
• Above Rs.2.00 Lakh to Rs.100 Lakh : 0.25% of the loan amount Plus applicable GST

• Minimum of 6 months.
• Maximum of 60 months for vehicles having age less than 3 years.
• Maximum of 48 months for vehicles having age of 3 years to 6 years.

No prepayment charges.

RLLR +1.25% (Floating)

Note:All the proposals (excluding cases of individual borrowers) shall be rated through the Risk Scorer Application, however, the pricing shall be delinked from the rating grade.

Click here for rate of Interest

Term Loan