Business BankingDomestic FinanceSIB Commercial Vehicle Loan

SIB COMMERCIAL / AGRI VEHICLE LOAN             

Purpose
To purchase new/used vehicles not older than 4 years/takeover of existing vehicle loans/reimbursement of new vehicles within 3 months of purchase.
Target
Customers
Any Individual /Partnership firm /company/trust/society/ LLP/ proprietorship.
Age
Minimum
21Years
Maximum
65 Years
Amount
Minimum
Rs 1.00 lacs
Maximum
based on LTV and Bureau Score
Tenure

 

Minimum
12 months
Maximum
60 months-New Vehicles
48 months-Old vehicles

Margin
New vehicles
20%
Used vehicles
25%
Interest rate
To view interest rate click here
Eligibility

Minimum Bureau Score of 710 and -1 to 5 without credit history for applicant/ Co-applicant

Features
  • 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.
Processing fees
1.50% (with Minimum Rs.5000/- )
Prepayment charges
  • Up to 12 months from the date of disbursement: 2% on the amount prepaid;
  • After 12 months:1.00%

Documents required

SEP/SENP
Agri and allied activities
NRI
12 m bank statement
12 m bank statement
12 m bank statement showing inward remittance
Proof of identity like PAN etc
Proof of identity like PAN etc
PAssport,visa
Address proof.Other docs such as MOA,Partnership deed etc to be taken
Address proof
Invoice
ITR/AFS/ for last 2 year
Proof of land holding and land tax.
 
Invoice
Invoice
Invoice