SME CAR LOAN - Business

Features

• Target Group : The loan can be extended in the name of SME Unit, which are banking with us. Loans in individual names shall not qualify under SME Car Loan.
• Facilities Available : Term Loan
• Quantum of loan : 
  • Max. Loan amount-Rs 3.00 crores.
  • Capping of each car loan: NIL
  • Overall cap: Rs 3.00 Cr (Within the overall cap, any number of cars can be availed by the unit)
• Pricing : 
  • Attractive Interest rates based on CIC score of the Proprietor/Partner/Promoter Director and Tenor of the loan.
• Borrower’s Margin / Contribution
  • Up to Rs. 10 lakh: 15% of the on-road price of the car
    >Rs.10 lakh to Rs.3 Cr- 20% of the on-road price of the car
• Repayment Period : Maximum Repayment Period of 5 or 7 years through EMIs
• Processing Fee/ Upfront Fee : 0.50% of the loan amount (subject to min. of Rs. 500 and max. of Rs. 10,000)
• Other Charges: As per Bank Guidelines which will be appraised to the borrower before sanction of loans.
• Special Feature
  • All MSME/Non-MSME units, having borrowing arrangement with us, are eligible under the product, subject to account not being in SMA-1 or worse category during the last 12 months. It should be ensured that the eligible units have obtained Udyam Registration Certificate in case of MSMEs, Legal Entity Identifier (LEI) number, wherever applicable, as per extant instructions.