Type of vehicle : Any commercial registration/ / taxi vehicle
Cost of vehicle : shall include basic cost + duties + taxes + octroi + one time road tax + comprehensive Insurance premium for first year
Loan amount : No upper ceiling fixed. The costs mentioned in the above column less the applicable margin shall be the loan amount , subject to the borrowers income level and repayment capacity.
Collateral Security : Please contact the nearby branch
Margin :
- 25% of cost of vehicle if collateral cover is less than 50%
- 15% of cost of vehicle if collateral cover is 50% or above but not fully covered
- 10% of cost of vehicle with full cover collateral .
Priority Sector Status : Advances to Small Road and Water Transport Operators (SRWTO) owning a fleet of vehicles not exceeding ten vehicles, including the one proposed to be financed shall be included under Priority Sector.
Rate of Interest : Click here to view the latest Rate of Interest
Repayment period : Maximum 60 months. Loan to be closed by Equated Monthly Instalments.
Upfront Fee : 0.50% of loan amount ( one-time)
Penal interest : 2% for the defaulted amount for the defaulted period.
Pre-payment penalty : Nil
*All loans are subject to discretion of Bank and conditions as stipulated by the Bank
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