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Union Transport
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UNION TRANSPORT
 
Purpose:-

Under Union Transport scheme you transport operators can avail loans for up to 10 vehicles of all make, Utility Vehicles, Light Commercial, Medium Commercial, Luxury, and Heavy Commercial Vehicles.

 
ELIGIBILITY:- Individual or association of not more than 6 persons Corporate/firm engaged as fleet owning not more than 10 vehicles including the one proposed to be financed.
 
QUANTUM OF LOAN:-
  • Up to Rs.15.00 lac for 1 to 2 vehicles.
  • Up to Rs. 350 lac per fleet operator (owning not more than 10 vehicles)
 
MARGIN, I.E. YOUR SHARE:-

20% of the Term Loan.

 
NATURE OF FACILITY:-

Term Loan.

 
SECURITY:-

Prime – Assets created out of Bank Finance (Vehicles)

Collateral– Equitable Mortgage of property or hypothecation of existing vehicles or any other tangible security value of which should not be less than 25% of loan amount.

Third party guarantee based with acceptable means.

* If the finance is eligible under Credit Guarantee Scheme of CGTMSE, collateral security will be Nil

 

INTEREST RATE :-  

Up to Rs 15 lacs MCLR + 4.90%
Above Rs 15 lacs Up to Rs 1.00 crore MCLR + 4.65%
Above Rs 1.00 crore MCLR + 4.15%

Tie-up Arrangement with M/S Ashok Leyland LTD for SRTOs

Limit up to Rs. 25 Lac single/ multiple Vehicle MCLR + 1.40%
Limit above Rs. 25 Lac Up to Rs. 100 Lac single/ multiple Vehicle MCLR + 1.90%

Updated as on 10.02.2017 (rate of interest is subject to revision from time to time)

 
REPAYMENT:-

Up to 5 years with a moratorium of 6 months.

 
* Conditions apply, for further details, please visit our nearest Branch    
We are doing business from last three years with UNION BANK OF INDIA, C. G. Road Branch.
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