STAR MSME E RICKSHAW FINANCE
To provide assistance to transport operators under Micro category and to create employment opportunity

Disclaimer
By clicking the link you will be redirected to the website of the third party. The third party website is not owned or controlled by Bank of India and contents thereof are not sponsored, endorsed or approved by Bank of India. Bank of India does not vouch or guarantee or take any responsibility for any of the contents of the said website including transactions, product, services or other items offered through the website. While accessing this site, you acknowledge that any reliance on any opinion, advice, statement, memorandum, or information available on the site shall be at your sole risk and consequences.
The Bank of India and its affiliates, subsidiaries, employees, officers, directors and agents shall not be liable for any loss, claim or damage whatsoever including in the event of deficiency in the service of such third party websites and for any consequences of error or failure of internet connection equipment hardware or software used to access the third party website through this link , slowdown or breakdown of third party website for any reason including and resulting from the act or omission of any other party involved in making this site or the data contained therein available to you including for any misuse of the Password, login ID or other confidential security information used to login to this website or from any other cause relating to your access to, inability to access, or use of the site or these materials in accordance thereto Bank of India and all its related parties described hereinabove stand indemnified from all proceedings or matters arising thereto.
By preceding further to access the said website it is presumed that you have agreed to the above and also the other terms and conditions applicable.
- 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
PRODUCTS YOU MAY LIKE
