|
Purpose
|
-
Financial
assistance for purchasing new vehicle.
-
Meeting
expenses related to repairs
-
Purchase
of second hand vehicle
-
Loans
for purchase of vehicles in replacement for the existing
one.
|
|
Eligibility
|
Transport
Operators
[The
restriction of number of vehicles removed]
|
|
Quantum
of Loan
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Need
Based. Maximum Rs. 3.00 crores.
|
|
Margin
|
25% - For New borrowers.
20%
- In case of existing borrowers whose loans are at least one
year old and
the repayments are regular.
|
| Repayment
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Up
to 5 years
|
|
Security
|
Primary: Hypothecation of vehicles.
Collateral:Upto
Rs.5.00 lacs: NIL
[Compulsory
coverage under Credit Guarantee Scheme of CGTMSE]
Above
Rs.5.00 lacs:
For
New units: Tangible collateral security – 50% of loan amount.
For
existing Units with satisfactory conduct of accounts with the
bank for atleast one year – Tangible security 40% of the
limits.
In
case the borrower is not able to provide collateral security
controllers may permit sanction against coverage under Credit
Guarantee Scheme of CGTMSE to the extent of 100% of loan amount
for loans upto Rs.50.00 lacs
|
Note:
Interest rates are subject to change
|
