Commercial Vehicle

The Bank provides loans to purchase vehicle for commercial use only.

Eligibility:

Preferred to have borrower with experience.
Permit to run commercial vehicle should be in the name of borrower.

Limit:

Maximum – Rs. 60 Lakhs.
Margin Money – 25% margin to be brought by borrower.

Repayment Period:

Maximum 60 months for term Loan.

Rate of Interest:

12.00% per annum.

Penal Interest:

2.00% will be charged on overdue amount.

Pre-Closer Charges:

1.00% on outstanding balance.

Security:

Hypothecation of vehicle in favour of the Bank duly noted in RC Book by RTO.
Suitable thirdy party guarantee.
If the loan amount exceeds Rs. 5.00 Lakhs collecteral security of immovable property to the extend of 100% of loan amount based on guidance valuation.

Processing Fee:

Not exceeding 1% of the limit sanctioned.