Recharge
Pay Bills
Fee Collections
Pay Taxes
Net Banking
To provide finance for purchase of Used Commercial vehicles.
Term Loan
- 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.
.
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.
- For a period up to 4 years : APPLICABLE MCLR+4.25% Fixed
- For a period exceeding 4 years: APPLICABLE MCLR+4.75% Fixed
(Conditions Apply)
