Purpose:
The finance under this scheme shall be available for purchase of Battery or Fuel Operated fresh commercial vehicles OR new chassis and/ OR fabrication for commercial purpose or for captive use. The commercial vehicles will include passenger buses, trucks, tippers, oil & gas tankers, taxis, mini buses, light commercial vehicles, tempo, auto rickshaws, load carriers and any other mode of transportation.
The models/ makes of vehicles to be financed should be approved by Transport Department of concerned Government for commercial purposes.
Eligibility:
- Individuals/ Proprietorship/ partnership Firms & Limited Companies owing/Trusts operating or proposing to own/ operate transport vehicles for carrying passengers or goods on hire or for captive use.
- The borrower entity should have sufficient net worth to pay for the margin and initial recurring expenses.
- Ownership of a pre-owned vehicle is not mandatory.
- Minimum period of existence in case of firms & companies: 1 years in business.
- The borrower(s) should have been granted a permit by an appropriate authority to ply the vehicle (s) for passengers or goods traffic for hire.
Age of the Borrower:
- Minimum age of Applicant: 18 years.
- If applicant’s age is between 18 years & 21 years, then co-borrower (blood relative) meeting the age norm, acceptable as per Bank’s norms should be taken.
- Maximum age of applicant at loan maturity : 75 years
- Younger family members, acceptable as per Bank’s norms, can join as Co-Borrowers and his/her age can be considered for fixing the repayment period.
Quantum of Loan:
Maximum 85% of the Ex-Showroom cost of the vehicle which shall include the cost of the chassis and fabrication cost (approved/ fixed by the bank).
OR
Maximum 70% to 80% of the ON-ROAD cost of the vehicle which shall include the cost of the chassis, fabrication cost (approved/ fixed by the bank), one-time registration charges and first year insurance premium charges.
Margin:
Atleast 15% (Ex-Showroom) OR 20% to 30% (ON-ROAD) of the on-road cost, as applicable.
On-road cost include the cost of the chassis, fabrication cost, one time registration charges and first year insurance premium charges
Security:
Collateral: As per scheme of the Bank
Repayment Period:
Maximum Tenor: 84 Months i.e 7 years.
Moratorium:
. Upto 02 month for vehicles that do not require fabrication of body.
. Upto 03 months for vehicles that require fabrication of body.
Processing Charges:
Loans Upto Rs. 20000/- NIL
Loans above Rs 20000/- to Rs. 2.00 Lakh 0.50% + Applicable GST
Loans Above Rs. 2.00 Lakh to Rs. 100 Lakh 0.50% + Applicable GST
Loans Above Rs. 100.00 Lakh 1.00% + Applicable GST
* Conditions Apply