Commercial Vehicles Loan
Empower Your Business with Our Commercial Vehicle Loan Scheme!
- For transportation of public or goods
- For any business purpose, such as bus, trucks, tempos, jeeps, vans, tippers or any other commercial vehicle which can be permitted and registered with regional transport authority. Vehicle must be used for business or commercial purpose only.
Purchase of any type of commercial vehicles
- The applicant must be a member of the bank and have an active banking relationship with the bank.
- Any Individual, Self-employed, businessman, professionals and others having sufficient Net Worth and repaying capacity (Present or Projected).
- Above 18 Years to Maximum 65 Years in case of loan in name of individual
ELIGIBLE AMOUNT FOR LOAN
- Loan amount covers entire cost of the vehicle excluding Insurance and Extended Warranty in case of New Vehicle.
- In case of used vehicle –Agreement (Purchase) value/Market value/Insurance Declared Value, whichever is lower
PERIOD OF LOAN
- For new Vehicle - Maximum 84 Months
- For used Vehicle – Maximum 84 Months (minus) age of vehicle in months
MARGIN
- New Vehicle - 20% Margin
- Used Vehicle - 25% Margin
- More than 1 year Old - 50% margin.
- No loan for vehicles more than 5years old
GUARANTOR
- Minimum Two Guarantors
RATE OF INTEREST
- Interest Rate Commercial Vehicle Loan : 10%* P.A.
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