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Commercial Vehicle Scheme

 

Purpose

For purchase of New Commercial Vehicles like, Buses, Trucks, Tankers, Tempos, Taxi, Four/ Three wheelers, and any other vehicles of mass transportation subject to the condition that the vehicle is approved by the competent authority for commercial purposes.

Eligibility

  1. Individuals, proprietorship/partnership firm/ Limited company, trust, society, associations owning and operating or proposing to own and operate transport vehicles for carrying passengers or goods on hire.

 

  1. The borrower (s) either hold the necessary driving license or engage driver (s) possessing valid license to operate the type of vehicle for which credit is sought.

 

  1. The borrower (s) should have been granted a permit by an appropriate authority to ply vehicle(s) for passengers or goods traffic for hire.

Quantum of Finance

80% of the cost of vehicle (pre-assembled/ cost of chassis/ cost of body/ cost of chassis & cost of body), onetime Registration Charges & Road Tax, and Insurance Charges.

 

Maximum limit that can be sanctioned under the scheme is Rs 2.00 Crore.

Margin

20% margin on cost of vehicle (pre-assembled/ cost of chassis/ cost of body/ cost of chassis & cost of body), onetime Registration Charges & Road Tax, and Insurance Charges.

 

The borrower should bring in the required margin money.

DSCR

Minimum Net DSCR (debt service coverage ratio) requirement shall be 1.25:1

Rate of Interest Please click here For rate of interest
Processing Fee Please click here For Processing fee

Repayment of Loan

 

Moratorium Period: Maximum 3 Months from the date of disbursement of loan.

 

Loan to be repaid in Equated Monthly Instalments (EMIs) in Maximum 5 Years (exclusive of moratorium period, if any)

Primary Security

Hypothecation of the vehicle to be purchased.

Collateral Security

Loan amount up to Rs. 10 lakhs: Collateral Security is not required.

 

Loan amount above Rs.10 lakhs upto Rs.25 lakhs:

Suitable collateral security to the extent of minimum 25% of the sanctioned amount. (Except for cases covered under CGTMSE)

 

Loan amount above Rs.25.00 lakhs:

Suitable collateral security to the extent of minimum 50% of the sanctioned amount. (Except for cases covered under CGTMSE)

 

 

Guarantee

  1. Third party guarantee / guarantee of earning family member  for loans up-to Rs.10 lakhs, if not covered under CGTMSE

 

  1. For cases above Rs.10 lakhs Guarantee may be waived in the cases covered under CGTMSE or where collateral is offered.

 

  1. Guarantee of the property owner (if other than borrower) must be obtained in all the cases where collateral is offered.

 

Guarantor should enjoy good reputation in the market/field along with networth of atleast 200% of loan amount.

 

Prepayment Charges

The borrower may opt to prepay / adjust the loan from his own verifiable legitimate sources or genuine sale without attracting any penalty, except take-over of the loan by other bank/ FI/ NBFC, which would attract prepayment @1% of the balance loan amount.

 

Penal Interest

@ 2% over and above the contracted rate shall be charged for any default in repayment on loan installment as per fixed repayment schedule.

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