To be at par with market and to ensure we are able to cater to the requirement of our existing client 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.
Loan For :
For the purchase of only new Commercial Vehicles , Road Transport Equipments and Other Utility Commercial Vehicles.
It is Term Loan only.
Working Ccapital requirement if any for Transport Operators, Logistic Companies may be considered on the lines, we do for other traders .
Loan Amount :
Max. 85 % of on road cost of vehicle
Margin :
15% of on the road cost of the Commercial Vehicle/s.
Share Linking :
1% of the the loan amount (Max. – Rs. 2.00 Lakh)
Guarantee :
Third party guarantee be obtained in all such loans, besides personal guarantee of Directors / Partners as per the constitution of the entity be obtained.
Guarantor must have adequate means commensurate with the size of the loan based on verifiable documents such as Balance Sheet, Property Record etc.
Security :
Hypothecation of Vehicle/s in Bank’s favour to be registered with RTO & blank TTO transfer forms should be obtained duly signed by borrowers.
Note : On road cost of vehicle includes – (Chassis + Body building cost + Registration + Insurance + Road Tax + Accessories )
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.
