Purpose |
For purchase of New Commercial Vehicles like, Buses, Trucks, Tankers, Tempos, Taxi, Four/ Three wheelers, and any other vehicles of mass transportation subject to the condition that the vehicle is approved by the competent authority for commercial purposes. |
Eligibility |
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Quantum of Finance |
80% of the cost of vehicle (pre-assembled/ cost of chassis/ cost of body/ cost of chassis & cost of body), onetime Registration Charges & Road Tax, and Insurance Charges.
Maximum limit that can be sanctioned under the scheme is Rs 2.00 Crore. |
Margin |
20% margin on cost of vehicle (pre-assembled/ cost of chassis/ cost of body/ cost of chassis & cost of body), onetime Registration Charges & Road Tax, and Insurance Charges.
The borrower should bring in the required margin money. |
DSCR |
Minimum Net DSCR (debt service coverage ratio) requirement shall be 1.25:1 |
Rate of Interest | Please click here For rate of interest |
Processing Fee | Please click here For Processing fee |
Repayment of Loan
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Moratorium Period: Maximum 3 Months from the date of disbursement of loan.
Loan to be repaid in Equated Monthly Instalments (EMIs) in Maximum 5 Years (exclusive of moratorium period, if any) |
Primary Security |
Hypothecation of the vehicle to be purchased. |
Collateral Security |
Loan amount up to Rs. 10 lakhs: Collateral Security is not required.
Loan amount above Rs.10 lakhs upto Rs.25 lakhs: Suitable collateral security to the extent of minimum 25% of the sanctioned amount. (Except for cases covered under CGTMSE)
Loan amount above Rs.25.00 lakhs: Suitable collateral security to the extent of minimum 50% of the sanctioned amount. (Except for cases covered under CGTMSE)
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Guarantee |
Guarantor should enjoy good reputation in the market/field along with networth of atleast 200% of loan amount.
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Prepayment Charges |
The borrower may opt to prepay / adjust the loan from his own verifiable legitimate sources or genuine sale without attracting any penalty, except take-over of the loan by other bank/ FI/ NBFC, which would attract prepayment @1% of the balance loan amount.
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Penal Interest |
@ 2% over and above the contracted rate shall be charged for any default in repayment on loan installment as per fixed repayment schedule. |