MSME Car Loan
Objective : To provide term loan to the promoter/partner of the SME units [having borrowing arrangements with the Bank and/or maintaining current account satisfactorily for a period of one year] or to their family members either in their own names or in the unit’s name (i.e in the name of the Company, Partnership firm / Proprietorship firm) for purchase of New passenger cars, jeeps, multi utility vehicles (MUVs) and sports utility vehicles (SUVs) etc. OR Pre-owned Cars/ Jeeps/ MUVs/ SUVs.
| Features | ||
|---|---|---|
| Eligibility | : | The loan can be extended to as many promoters/partners and even their family members. Net annual income must be `75,000/- |
| Quantum of Loan | : | 3 times of Net Annual Income No ceiling for New vehicles [For old vehicles `15.00 lacs only] |
| Repayment | : | New vehicles – Repayable in 84 months Old Vehicle – Loan should be liquidated when vehicle life completes 7 years |
| Margin | : | 15% |
| Security | : | Primary : Hypothecation of vehicle. |
| Interest Rate | : | CLICK HERE to view interest rates |
