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Commercial Vehicle Loan
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To be at par with market and to ensure we are able to cater to the requirement of our existing clientele at prevailing market rates and to attract established units with strong financials and business model, we propose to introduce a more competitive product looking to the potentials in the market. We have now decided to introduce the scheme and interest rate of Commercial Vehicle w.e.f. 01/05/2017 as given below.
Particulars | Scheme Guidelines |
---|---|
Name of the scheme | KAL Commercial Vehicle Loan Scheme |
Eligibility | Existing customer with proven track record of 3 years and in case of new borrower if already in the same business line and profit making for last 5 years with minimum fleet of 5 Commercial Vehicles / Road Transport Equipments / Other Utility Commercial Vehicles, satisfactory credit history of commercial vehicle borrowing and audited balance sheets for last 3 years. |
Purpose | The purpose of credit facility under the scheme shall be term loan for the purchase of only new Commercial Vehicles , Road Transport Equipments and Other Utility Commercial Vehicles . |
Proof of activity | The applicant enterprise must be in possession of registration / licenses, as applicable under local law e.g. Shop Establishment act, Sales Tax Registration, Road Permits, IT Returns or any other relevant permission / license from RTO. |
Quantum | The maximum quantum of credit facility shall be 85% of on road cost of vehicle (on road cost of vehicle includes chassis + body building cost + Registration + Insurance + Road Tax + Accessories etc.) for new Commercial Vehicles. |
Type of facility |
|
Security |
|
Collaterals |
|
Guarantee |
|
Margin | 15% of on the road cost of the Commercial Vehicle/s. |
Insurance | Comprehensive insurance policy with bank clause is compulsory, and be renewed periodically during entire tenure of the loan at borrowers’ cost. |
Rate of interest | 10.50% p.a. - only for new loan accounts. |
Internal Credit Rating | The rate of interest is de-linked from internal credit rating however the rating of all existing borrowers above Rs 1.00 crore be carried out as per the existing guidelines. |
Repayment Tenure & option |
|
Processing fees | As applicable for other advances. |
Documentation fee | As per the present guidelines. |
Supervision charges | As per the present guidelines. |
Share linking | 1% of the the loan amount (Maximum – Rs. 2.00 Lacs) |