Commercial Vehicle Loan - Business
COMMERCIAL VEHICLE LOAN
Purpose
To finance new commercial vehicles, Electric vehicles, Hybrid commercial vehicles, CNG vehicles, Ambulances and Caravan Vehicles (Specially built for the purpose of travel, leisure and accommodation).
Features
- Target Group: Transport Operators, Tour Operators, Travel Agencies, Business Enterprises, Contractors, Captive Users, Warehouse Owners, Logistics provider, Hospitality Sector, First Time Buyers with experience in related activities.
- Quantum of loan (Min/Max)
- Minimum: Rs.10.00 lakhs.
- Maximum: Rs.50.00 Lakhs.
- Margin (%) : 15% on on-road price.
- Pricing : Competitive pricing linked to EBLR
- Repayment Period:
For Commercial Vehicle: Max 84 months. Moratorium: Up to 6 months.
For Electric Vehicle: Maximum 48 months. Moratorium: Up to 6 months.
Repayment on EMI basis. Negotiated repayment can be done depending on cash accruals.
- Upfront Fee: 0.50% of the loan amount + GST.
Eligibility Criteria
- Minimum 2 years of experience in transport industry/ Hospitality
- Industry and other related business enterprise/ activities.
- Satisfactory track record with existing banks/FIs.
- Income Tax Assessee (personal & Business).
- MSMEs should be registered in UDYAM portal and should have Udyam Registration Certificate.
- First time users may also be considered as a special case.
Collateral Security
Nil
Loans will be covered under CGTMSE. Guarantee fee to be borne by the borrower.
Last Updated On : Wednesday, 20-07-2022

Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above
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Criteria
- Features
- Eligibility
- Terms and Conditions

Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above