Eligibility

All business units of following constitution i.e. Individuals, HUF, Proprietorship, Partnership concerns (including LLP), Limited Companies, engaged in transportation business or any other business.

Nature of facility

Term Loan : for purchase of Brand new Vehicles.

Assessment /Quantum of facility

Maximum: - Rs.500.00 lakhs (in cases where the bank is having tie up with vehicle manufacturer)

Rs.200.00 lakhs (where the bank is not having tie up with vehicle manufacturer)

Rate of Interest

Above Rs.2.00 Lakhs to Rs.500.00 lakhs

Additional interest

Rate of interest is inclusive of Tenor premium for account having tenor period upto 36 months. However, if the tenor period is beyond 36 months and upto 60 months additional interest of 0.25% over and above the ROI as mentioned above to be charged to borrower.

Project Cost

Cost will include cost of the vehicle, body building cost, registration charges, road tax, insurance charges, cost for tanker, cost of accessories, etc.

Cost of accessories (if any) to be financed, should not exceed 5% of actual cost of vehicle.

Repayment

Repayment will be in form of Equated Monthly Installment (EMI) with Maximum up to 60 months including moratorium of maximum 3 (three) months in case of HCV/HMV only, since additional time is required for body/trailer building. In case of LCV/LMV 1(one) month moratorium to be given.