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STAR MSME E RICKSHAW FINANCE
To provide assistance to transport operators under Micro category and to create employment opportunity
Disclaimer
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- 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
- For New E Rickshaw: Maximum 85% of the invoice cost of vehicle or 80% of on Road price whichever is less.
- 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)
- Finance for Battery Replacement should be within the maximum quantum of finance under the scheme.
Security
- Primary: Hypothecation of Vehicle Purchased
- Collateral: Loans to be covered under CGFMU/CGTMSE
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.
Sanctioning Authority
As per Delegation of Powers
Identification of Manufacturers
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:
- The Company/Firm should be in the line of Business for at least two years
- The Company/Firm should have achieved a minimum sales of 200 units in the last preceding financial year.
- The Company/Firm should have posted profit in the last preceding financial year
- The Company /Firm should have obtained all statutory licenses/approval for manufacturing of E Rickshaws.
- The Company/Firm should have proper after sales service set up and should be spread across various locations.
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
- 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.
Margin
- For New Rickshaw: Minimum 15% of the invoice cost of the vehicle or 20% of on road price, whichever is higher.
- Battery Replacement Cost : Minimum 25%
Assessment of Loan
Minimum DSCR required: 1.25
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
As applicable
Repayment
Term Loan to be repaid in monthly equated installments (EMIs).
- 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.
Service Charges
As applicable
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
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