SIB COMMERCIAL / AGRI VEHICLE LOAN
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Purpose
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To purchase new/used vehicles not older than 4 years/takeover of existing vehicle loans/reimbursement of new vehicles within 3 months of purchase.
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Target
Customers
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Any Individual /Partnership firm /company/trust/society/ LLP/ proprietorship.
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Age
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Minimum
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21Years
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Maximum
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65 Years
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Amount
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Minimum
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Rs 1.00 lacs
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Maximum
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based on LTV and Bureau Score
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Tenure
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Minimum
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Maximum
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60 months-New Vehicles
48 months-Old vehicles
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Margin
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New vehicles
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20%
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Used vehicles
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25%
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Interest rate
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To view interest rate click here |
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Eligibility
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Minimum Bureau Score of 740 and -1 to 5 without credit history for applicant/ Co-applicant
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Features
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- Minimum 2 years business experience
- LTV up to 80% for New Vehicles and 75% for Used Vehicles
- Low interest rates and EMI which are fixed for entire tenor of the loan
- Financing On Road price which includes basic cost + accessories + duties + taxes + octroi + one time road tax + comprehensive insurance premium for first year
- Co applicant option available
- Holiday period of 3 months available
- Loans up to Rs.10 lacs can be given under CGTMSE cover if eligible
- Vehicles more than 4 years old is not applicable.
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Processing fees
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1.50% (with Minimum Rs.5000/- )
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Prepayment charges
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- Up to 12 months from the date of disbursement: 2% on the amount prepaid;
- After 12 months:1.00%
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Documents required
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SEP/SENP
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Agri and allied activities
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NRI
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12 m bank statement
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12 m bank statement
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12 m bank statement showing inward remittance
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Proof of identity like PAN etc
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Proof of identity like PAN etc
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PAssport,visa
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Address proof.Other docs such as MOA,Partnership deed etc to be taken
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Address proof
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Invoice
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ITR/AFS/ for last 2 year
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Proof of land holding and land tax.
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Invoice
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Invoice
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Invoice
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