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.
- 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.
|Nature of facility
||Term Loan to be repaid in 60 months exclusive of moratorium. Interest to be repaid as and when due.
||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.
||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.
Hyp of vehicle purchased out of the proceeds. Bankâ€™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.
||0.50% of the loan amount.
- Rate of Interest and Repayment
||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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