To provide assistance to transport operators under Micro category and to create employment opportunity.
Eligibility
All Individual, Transport Operators,Association,Proprietorship firm, Partnership firm.
All the entities should be engaged in transport business and/or should be desirous of owing and running E Rickshaws.
The Borrowers should have been granted permit by an appropriate authority to run e rickshaws for passenger or goods transport.
Purpose
For Purchase of New E Rickshaws.
Funding Cost of one time Battery Replacement.
Nature of Facility
Term Loan
Quantum of Finance
Maximum :Rs 5 lakhs
( Only One E Rickshaw is to be financed at single point of time.
Total No of E Rickshaws financed under the scheme to a single borrower should not exceed 3 at any point of time)
Extent of Finance & Margin
For New E Rickshaw: Maximum 85% of the invoice cost of vehicle or 80% of on Road price whichever is less.(Margin should be 15% of the invoice cost of the vehicle or 20% of on road price, whichever is higher).
Battery Replacement after One Year: 75% of the Battery Replacement Cost.
(Margin should be minimum 25% of the Battery replacement cost).
(Finance for Battery Replacement to be considered only once, within the tenure of loan for purchase of E Rickshaw)
Finance for Battery Replacement should be within the maximum quantum of finance under the scheme.
Repayment
The Term Loan for purchase of vehicle is to be repaid in maximum 48 months, including moratorium of 01 month.
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.
Security
Primary: Hypothecation of Vehicle Purchased
Collateral: Loans to be covered under CGFMU/CGTMSE
Rate of Interest
For Purchase of First Vehicle:01 Yr MCLR+BSS+0.50% (CRP).
For Purchase of Subsequent Vehicles: 01 Yr MCLR+BSS+1.00% (CRP).
For Battery Replacement Cost:01 Yr MCLR+BSS+1.50% (CRP).
Service Charges
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
Insurance
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.
Other Compliances
The E Rickshaws should have to be ICAT (International Centre of Automotive Technology) /ARAI (Automotive Research Association of India Ltd) approved.
The E Rickshaws has to be registered with the local Transport authority and a copy of RC should be kept on record.
