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
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.
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- 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
Security |
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.
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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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