Commercial Vehicle Loan

Particulars	Scheme Guidelines
Purpose	The purpose purchase of new Commercial Vehicles, Road Transport Equipment’s and Other Utility Commercial Vehicles.
Eligibility	Businessmen, Small Industrialist, , Manufacturing Units, Transporter Service Provider etc.
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.
Loan Amount	90% of Quotation of vehicles (Basic price + R.T.O. charges)
Type of facility	Term Loan only.
Security	Primary security: The primary security will be hypothecation of vehicle/s in Bank’s favour to be registered with RTO & blank TTO transfer forms should be obtained duly signed by borrowers.
Margin	10% 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	9.50% p.a. – only for new loan accounts.
Repayment Period	Maximum up to 84 months.
Processing fees	Nil
Share linking	2.5 % of the loan amount
Guarantee		Two guarantor Possessing property and also Income tax-payer