To provide assistance to transport operators under Micro category and to create employment opportunity.
1. All Individual, Transport Operators, Association, Proprietorship firm, Partnership firm.
2. All the entities should be engaged in transport business and/or should be desirous of owing and running E Rickshaws.
3. The Borrowers should have been granted permit by an appropriate authority to run e rickshaws for passenger or goods transport.
Purchase of new e-rickshaw and /or one time battery replacement
Term Loan
Maximum 5 lacs
(1. Only One E Rickshaw is to be financed at single point of time.
2. Total No of E Rickshaws financed under the scheme to a single borrower should not exceed 3 at any point of time)
1. For New E Rickshaw: Maximum 85% of the invoice cost of vehicle or 80% of on Road price whichever is less.
2.Battery Replacement after One Year: 75% of the Battery Replacement Cost (Finance for Battery Replacement to be considered only once, within the tenure of loan for purchase of E Rickshaw)
3. Finance for Battery Replacement should be within the maximum quantum of finance under the scheme.
1. For New Rickshaw: Minimum 15% of the invoice cost of the vehicle or 20% of on road price, whichever is higher.
2.Battery Replacement Cost : Minimum 25%
1. The economic viability should be worked out as per prescribed proforma applicable to SRTO Loans.
No detailed project report is to be obtained for commercial use vehicles.
2. In the case of captive use, there should be adequate cash flow from the existing activity to service the term loan installments and interest.
Minimum DSCR required: 1.25
Term Loan to be repaid in monthly equated installments (EMIs).
1. The Term Loan for purchase of vehicle is to be repaid in maximum 48 months, including moratorium of 01 month.
2. Term Loan for purchase of Battery is to be repaid in maximum 18 months, including moratorium of 01 month. However it should be ensured that the maximum repayment period for Battery Replacement loan should not exceed the residual period of repayment of loan granted for corresponding vehicle purchase.
Primary: Hypothecation of Vehicle Purchased
Collateral: Loans to be covered under CGFMU/CGTMSE
Rs 1000 (For purchase of first Vehicle)
Rs 2000 (For Purchase of subsequent Vehicle)
Rs 500 (For Battery Replacement Finance)
Service Charges includes PPC+Documentation+Inspection
Assets charged to the Bank to be comprehensively insured with Strike Riot and Civil Commotion (SRCC) clause and Bank’s charge to be mentioned in the insurance policy.
Direct to the dealer/supplier by means of DD/Pay order/RTGS/NEFT
As per Delegation of Powers
Since Most of the Manufacturers of E Rickshaws are catering to the local market and have limited area of operation spanning across 3 to 5 states, Identification of manufacturers for financing its products under the scheme is being delegated to Zonal Managers.
Zonal Managers may approve the manufacturers of E Rickshaws taking into view the following parameters:
1. The E Rickshaws should have to be ICAT (International Centre of Automotive Technology) /ARAI (Automotive Research Association of India Ltd) approved.
2. The E Rickshaws has to be registered with the local Transport authority and a copy of RC should be kept on record.
1. All the facilities financed under the scheme should be reported under MUDRA.
2. Due Diligence of the Borrowers should be carried out as per extant guidelines.
3. Inspection of the Hypothecated Vehicles should be carried out once in six months.
4. No finance should be done for second hand vehicle under the scheme.
5. Copy of original invoices/Bills (In case of Battery Replacement) should be kept on record.
6. Separate Account within the same customer ID should be opened for Battery Replacement Loan.
7. Branches to obtain certificate regarding requirement of Battery Replacement from the authorized service center of the manufacturer, in case of finance for Battery Replacement.
8. Close Monitoring of accounts financed under the scheme should be done at Zonal Office Level.
9. In case of any E Rickshaw Manufacturer is approved by any Zone the same should be intimated to HO for reporting and circulation purpose.
