Purpose: For purchase of : Truck, Bus, Metador, Tractor, Taxi or other Commercial vehicles.
Eligibility : Individuals over 18 years of age.
Loan Amount:
(i) 75% of the Invoice Bill of Chasis 50% of the cost of fabrication
(ii) 85% of the Invoice Bill of Chasis 50% of the cost of fabrication Half percent excess interest shall be charged
(iii) 95% of the Invoice Bill of Chasis 50% of the cost of fabrication
subject to mortgage of property with half percent excess interest.
Margin :
(i) For Chasis - 25% For Fabrication - 50%
(ii) For Chasis - 15% For Fabrication - 50%
(iii) For Chasis - 5% For Fabrication - 50%
Transport for used Vehicles
(a) Upto Rs.5.00Lacs 16.00%
(b) Above Rs.5.00Lacs 16.50%
1. Fleet owner : For financing of vehicles numbering five and above shall be charged half percent less interest.
2. Self Driven vehicles by the borrower will be charged 0.25% less interest.
Note: Good pay masters who has not defaulted in repayment of even a single installment shall be allowed half percent interest rebate at the time of adjustment of loan account.
Repayment Period: Maximum 72 months in equated monthly installments.
Moratorium : Three months from the date of sanction or one month after the date of registration which ever is earlier.
Security : Hypothecation of Vehicle and third party guarantee of two Persons.
Processing Fee :
(i) upto Rs. 25000/- No charges
(ii) Above Rs.25000 upto Rs.2.00 Lakh Rs.450/-
(iii) Above Rs.2.00Lakh Rs.450/- + Rs.200.00 per Lakh or part thereof subject to maximum of Rs.30000/-
Pre-Payment : Permitted without penalty.
Linkage Shares : 2.5% of the advance made.
Check list (Transport Loans)
Documents to be submitted by the Applicant(s), Guarantor(s)
For Proposal:
1. Transport Loan application form.
2. Personal Statement of borrower.
3. Personal statement of guarantor(s)
4. Driving License in case the vehicle to be operated by the applicant.
5. Photographs of borrower & guarantor(s) (two each).
6. Performa invoice of chasis & fabrication of body duly verified and accepted by borrower.
7. Copy of Route permit wherever required .
8. Letter from borrower with regard to holding of vehicles.
9. Proof of age/address (Telephone bill/Electricity bill(latest) /passport/Pan card
10. Income Tax Returns in case of assessee for last three years (for fleet owner).