Small Commercial Vehicle finance under tie-up with Tata Motors Ltd - Business

Features

• Target Group:
  • Small Road Transport Operators and First Time Users engaged in transport services who are interested to purchase new Small Commercial Vehicles (SCVs) manufactured by Tata Motors Limited.
• Facilities Available :
  • Term Loan
• Quantum of loan (Min/Max) :
  • 90% LTV on on-road price.
  • Maximum: Rs.10 lakhs.
• Pricing :
  • Competitive pricing linked to EBR (Linked to Repo Rate and Currently EBR is Repo Rate + 2.65%)
• Borrower's Margin / Contribution :
  • 10% on on-road price.
• Repayment Period :
  • Combustion Engine: Repayable in 72 EMIs. (Including Moratorium of 1 month).
    Electric Vehicle: Repayable in 60 EMIs. (Including Moratorium of 1 month).
    Repayment to be worked out on the amount disbursed.
• Processing Fee/ Upfront Fee :0.50% of loan amount plus applicable taxes.
• Other Charges :5% p.a. over and above the existing rate of interest on overdue amount for the period of default
• Collateral Security: Loan to be covered under CGFMU. CGFMU Guarantee fee to be borne by the Borrower.
• Special Feature :
  • Eligibility:
    • Small Road Transport Operator having less than10 vehicles.
    • Transport operators must have necessary permits/ license/ approval.
    • Satisfactory track record with existing banks/FIs.
    • Borrower has to get min 60% score under scoring model to be eligible under tie-up with TML. (Same as applicable to Mudra)
    • Applicant must be MSME and registered in UDYAM portal.
    • Only CLP in-principle approved proposal will be accepted by our bank for further processing.