Vehicle Loan - Commercial Use ( Auto/Taxi/T-Permit /Heavy Vehicles)
| For Businessman, self-employed | |
|---|---|
| Type of loan | Term loan |
| Purpose | For Purchase of New / Old Auto Rickshaw / Taxi / T-permit tourist Car / Heavy vehicle |
| Repayment |
48 months For New Auto rickshaw = 10 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration +Meter+ Insurance) + Rs.20000/-for Decoration (Rs.1.80 lakhs Maximum) For Resale /Old Auto rickshaw = As per age of the Vehicle |
| Mode of Repayment | Standing instruction from our Bank Account ,Debit ECS |
| Margin |
For New Taxi = 10 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration +Meter+ Insurance) For Resale /Old Taxi = 50% of Valuation of vehicle in favour of bank For New Tourist Car /Heavy vehicle = 30 % in favour of bank on Authorized Dealer quotation (Ex showroom + Registration + Insurance) For Old Tourist Car /Heavy vehicle = 50% of Valuation of vehicle in favour of bank. |
| Rate of interest | For Auto Rickshaw 12.00 % For Tourist car /Heavy vehicle 12.50 % 9.50 % for existing customers whose outstanding as on date is more than Rs.25.00 Lakhs |
| Who can borrow | Businessman, self-employed |
| Loan amount | Collateral security to be provided for Loan amount Rs.10.00 Lakhs and Above |
| Security | Hypothecation of vehicle for Loan amount upto Rs.10.00 Lakhs Hypothecation of vehicle and Collateral security ( Immovable property / Govt .Securities such as NSC/KVP ,LIC policy and Term deposit of our Bank ) for Loan amount more than Rs.10.00 Lakhs . |
| Collateral | Not required |
| Guarantors | Two acceptable guarantors |
| Subscription of bank's shares | 2.5 % of the loan amount Bank's shares |
| Processing charges | 0.50% of sanctioned loan amount |
| Other charges | As per Bank's policy |
| Pre-payment charges | No pre closure charges |
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