Individuals, Proprietorship/Partnership firms/Limited Company, Trust Society
Purpose
To finance commercial vehicles/earthmoving equipment/excavators for commercial use and/or captive use
Eligibility
Limits upto Rs100 lacs as per Scoring sheet 20 marks, above Rs 100 lacs appropriate rating model
Type of Facility
Term Loan
Margin
Minimum 15%.
Rate of Interest
As applicable
Security
Hypothecation of Vehicle/Equipment
(Registration of Bank’s charge with the RTO and in the RC Book in the case of vehicles)
Items for Finance
Cost of equipment/”On the road” cost of vehicle (to include cost of chassis, body, tools, insurance for the loan tenure, registration cost, road tax, accessories and AMC)
Repayment
5 to 7 years including moratorium 3 months. Repayment holiday 3 months during monsoon may be considered.
