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Home >> Loan >> Retail Schemes >> Financing Autos & Taxis
Financing Autos & Taxis

ORIENTAL SCHEME FOR FINANCING AUTOS / TAXIS

Purpose

To purchase Autos (3 wheeler), Taxis (4 wheeler) and Small Cargo Vehicles for operating them as commercial passenger / Cargo vehicles.

Loan Amount

Upto Rs. 10.00 Lacs per vehicle subject to aggregate maximum limit of Rs.50 lacs.

No. of vehicles

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 Auto/Taxi to be purchased from Bank's Finance.

(The hypothecation clause shall be registered with RTO)

Collateral

Security

Loan Upto Rs.5.00 lacs -----    Mandatory CGTMSE Guarantee Coverage.

Loan above Rs. 5.00 lacs and upto Rs. 10.00 lacs -- 50% Tangible collateral security in the shape of immovable/liquid security or CGTMSE guarantee coverage.

Loan amount above Rs. 10.00 Lacs---100% Tangible collateral security in the shape of immovable/liquid security or CGTMSE guarantee coverage.

Guarantee Coverage CGTMSE

The option of guarantee coverage CGTMSE scheme may be offered to the borrower in case he is unable to provide the above said collateral securities for his above said loan facilities.

Margin

15% 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.)

Rate of interest (floating)

Click here to view Rate of Interest.

Penal Interest

In case of delayed payment, a penalty of 2% on the overdue amount for the overdue period shall be charged.

Process Fee

Click here to view Process Fee.

Repayment

Upto 60 months including moratorium period of 3 months. (Servicing of interest during moratorium period is compulsory).

Prepayment Penalty

NIL

Check points

Line of business, experience, driving history, invoice of dealer/vendor, inspection of vehicle.

* For further details please contact the nearby branch or call at 1800-180-1235 & 0124-2340940