Commercial Vehicles

Title

                                      Norms

Purpose

• Purchase of new commercial vehicle

Eligibility

• Individual, Businessman, Commercial organizations, Transport Operators

Limit of Loan

• Max Rs. 100 lakh

Basis of Advance

1. 70% of Ex-showroom cost 

                    Or
2.   4 times of avg Net Cash Accruals,
     1 or 2 whichever is lower

Repayment Period

• 36 months extended upto 42 months

Rate of Interest

• PLR - 1 = 13.25%
• Present PLR : 14.25%  p.a

Processing Fee

• 1% of loan amount

Shareholding

• 2.50% of loan amount, Maximum  Rs. 25000/-

Security

• Hypothecation of vehicle
• 2 guarantors
• 40% Collateral security

Documentation

•  Duly filled prescribed application form