PURPOSE
Purchase of Tempo, Trucks, Tankers, Bus, Tourist Vehicle etc. (New/ Second-hand)
MAX. AMOUNT / ELIGIBILITY / MARGIN
A. NEW
- Maximum Rs. 100.00 Lakh per vehicle Or
- 85% of vehicle quotation for purchase of vehicle including Show Room Price, One time tax, Insurance & Registration charge.Or
- Loan Eligibility= Loan amount would be derived at after ascertaining the repayment capacity based on net profit of the year,projected income, Debt Service Coverage Ration (DSCR) etc..
Which ever is lower among 1 , 2 & 3.
B. Pre–owned (second-hand)
- Maximum Rs.30.00 Lakh for Tempo, Trucks, Tankers of not more than 3 years old and for Buses of not more than 4 years old. Or
- Not more than 50% of the valuation by automobile Engineer/ Agreement value which ever is lower Or
- Loan amount would be derived at after ascertaining the repayment capacity based on net profit of the year,projected income,Debt Coverage Ratio (DSCR) etc
Which ever is lower among 1, 2, & 3. MAX. AMOUNT / ELIGIBILITY
C. Loans for CNG / LPG conversion:
Tempo / Truck / Bus : Max. Rs. 1.40 lakh (Hyp. Of vehicles)
(Permission from RTO to install CNG kit shall be produced by the applicant)
REPAYMENT
- New :Upto 84 months
- Pre-owned vehicles
- Up to 48 months for Buses.
- Up to 36 months for Other vehicles.
Rate of Interest CLICK HERE
MARGIN
New Vehicles :15%
Used Vehicles : 50% of Agreement / valuation value
MEMBERSHIP
Applicant – Regular Membership.
Sureties --
Loan up to Rs. 25.00 lakh - Nominal Membership.
Loan above Rs. 25.00 lakh - Regular Membership.
SURETIES
Two Sureties of good means, out of which one surety could be a family member.
SECURITY
Hypothecation of vehicle
INSURANCE
Insurance Policy must be assigned in favour of our Bank.
SERVICE CHARGES
0.50% upto 31.12.2018
SHARE LINKAGE
As per extent Shareholdings Norms