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ola tie up financing facilities

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  • ola tie up financing facilities
  • Eligibility
    Eligibility
    • Individual, partnership, sole proprietorship, private Ltd. / Public Ltd. companies/Limited Liability Partnership.
    • Individuals & Other Business entities requesting loans for more than 1 vehicle must have minimum 3 years of experience in the field.
    • All finance vehicles shall be driven by the person having valid driving license.
    • The borrower shall obtain valid permit to ply the vehicle as per applicable rules of Regional Transport Officer (R.T.O).
  • Finance
    Purpose of Loan To acquire Taxis (4 wheeler) for operating them as commercial passenger vehicles.
    Loan limit
    • Upto ₹ 10.00 Lacs per vehicle subject to aggregate maximum limit of ₹ 50.00 Lacs.
    • Up to 10 (ten) vehicles per entity irrespective of it being an individual, partnership, sole proprietorship, private Ltd./ Public Ltd. companies.
    No. of vehicles
    • Upto ₹ 10.00 Lacs per vehicle subject to aggregate maximum limit of ₹ 50.00 Lacs.
    • Up to 10 (ten) vehicles per entity irrespective of it being an individual, partnership, sole proprietorship, private Ltd./ Public Ltd. companies.
    Security clause Hypothecation of vehicle- Auto / Taxi etc. to be purchased from Bank’s Finance. (The hypothecation clause shall be registered with RTO)
    Process Fee Up to ₹ 5.00 lacs- Nil
    Above ₹ 5.00 Lacs:- 0.50% of loan amount with a minimum of ₹500/ + Service tax, if any.
  • Security/Margin
    Margin 10% of the ‘On Road Price’ as per the performa invoice of the Dealer (On road price shall include Vehicle Ex-showroom Price, insurance, Registration etc.)
    Coll. Security / Security Coverage
    Loan upto ₹ 10.00 Lacs Mandatory CGTMSE/PMMY Guarantee Coverage.
    Loan amount above ₹ 10.00 Lacs 100% tangible collateral Security in the shape of Immovable/liquid security or CGTMSE Guarantee coverage
  • Rate of Interest and Repayment
    Repayment Period/ Term Up to 60 months.
    ROI
    Loan Limit Rate of Interest
    Up to ₹10.00 Lacs One Year MCLR+1.50%
    Above 10 lacs to ₹50 lacs One Year MCLR+2.00%
  • Apply Now
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