oriental sme transport scheme

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Meant for existing SME units who need vehicle for delivering products / Services to their clients. Surplus from the existing business to be available for repayment of loan.

  • Eligibility
    • All existing Proprietorship, Partnership firms, Private / Public Ltd. Cos., falling within the definition of SME as per MSMED Act.
    • Business unit should have been established in their line of business for minimum for 1 year and profit making concern.
    • Entry level rating should be minimum Imacs 5 .
    • CIBIL report to be obtained /generated and branch to ensure that the same is satisfactory as per bank guidelines.
  • Finance
    Nature of facility Term Loan to be repaid in 60 months exclusive of moratorium. Interest to be repaid as and when due.
    Purpose To purchase transport vehicles for delivery of products/Services; to Educational institutions and Medical units/hospitals for providing transportation to students/faculty/staff/medical vans are also eligible. Only new vehicles are to be financed.
    Moratorium Maximum 3 months as per the requirement of the borrower. Interest to be serviced during moratorium.
    Size of Loan Minimum Rs 10.00 Lacs , Maximum Rs 250.00 lacs
    Permissible Bank Finance Chassis +Body Building costs + registration + insurance + road tax+ AMC etc.
  • Security/Margin

    Hyp of vehicle purchased out of the proceeds. Bank’s name to be entered into registration certificate.

    • Coverage is to be taken from CGTMSE or otherwise tangible collateral to the extent of 50% of the loan amount to be taken above loan of Rs 5.00 lacs.
    • Personal guarantee of directors and owners of tangible securities, wherever applicable to be obtained.
    Upfront fee 0.50% of the loan amount.
  • Rate of Interest and Repayment
    ROI MCLR +2.00% for limits up to Rs 25.00 lacs and as per rating for SME accounts above Rs 25.00 lacs.
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