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Every new venture requires a trusted shoulder to flourish. Here to empower your business plans, Saraswat Bank offers loan for the purchase of commercial vehicles up to Rs. 125 Lakh.

Eligibility:

  1. Individual
  2. Businessman
  3. Commercial organizations
  4. Transport Operators
  5. 3 - Wheeler 
  6. Taxi
  7. Car Pools in operation since last 3 years

Loan Amount:

Max Rs. 125 lakh


Basis of Advance

1.   75% of (On Road + Body Building Price)
      OR
2.   5 times of Gross Cash Accruals Or latest audited Gross cash accruals 
     1 OR 2 whichever is lower

Repayment Period

48 months with 3 months moratorium where finance is for vehicle requiring Body Building


Rate of Interest: w.e.f 15.6.2022

a) Upto Rs. 50 lakhs :
For Repayment period less than 3 years
PLR – 5.00 % = 9.75% p. a
For Repayment Period more than 3 years
PLR – 4.00 % = 10.75% p. a

b) Above Rs.50 lakhs:
For Repayment period less than 3 years
PLR – 5.50 = 9.25% p. a.
For Repayment Period more than 3 years
PLR – 4.50 = 10.25% p. a

Processing Fee:

0.5% of loan amount, upper cap Rs 50000/-


Shareholding:

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


Security:

  1. Hypothecation of vehicle
  2. Guarantors where collateral security is nil
  3. Collateral security:
    ▪ Upto Rs.10 lakhs : NIL
    ▪ Above Rs.10 lakhs upto Rs.25 lakhs : 10%
    ▪ Above Rs.25 lakhs upto Rs.50 lakhs : 20%
    ▪ Above 50 lakhs : 30%

Documentation:

  1. Duly filled prescribed application form
  2. Proforma Invoice of the authorized dealer
  3. KYC of the Applicant & Guarantor
  4. Copy of contract
  5. Businessman: Last 3 year’s profit and loss, balance sheet and ITR of last 3 years, bank statement of business account for last 3 months.
  6. For Self-employed: Copy of license and experience certificate.
  7. New Operators: Projected income
  8. In case of self-employment – Copy of license and earlier experience certificate to be kept on record
  9. Quotation for Body Building