COMMERCIAL VEHICLE LOAN

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COMMERCIAL VEHICLE LOAN
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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.


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Last Updated On : Wednesday, 20-07-2022

Interest Rates

8.40%* p.a.

w.e.f. 01.09.2023

*T&C Apply.

 

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