| 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) |
| 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 |
11.00% p.a. - only for new loan accounts. |
| Repayment Period |
Maximum up to 60 months. |
| Processing fees |
Nil |
| Share linking |
2.5 % of the loan amount |
| Guarantee |
Two guarantor Possessing property and also Income tax-payer |
