Eligibility

• Both Existing to Bank (ETB) and New to Bank (NTB) customers having Sole Banking/Multiple Banking/Consortium arrangement with our Bank (including Manufacturing, Service & Trading Units under MSME segment).
• The applicant should possess a valid Udyam Registration Certificate

Purpose

• For purchase of New Commercial Vehicles viz. Bus, Tempo, Truck, Light & Heavy Commercial Vehicles etc.
• The Vehicle can be of Petrol/ Diesel/ CNG/ Hybrid/ Electric Engine.

Loan Amount

• Minimum - Rs. 5.00 lakh
• Maximum - Rs. 500.00 lakh

Margin

• Minimum 15% of the on- road price** of the vehicle.
• In case of Body Building, minimum margin of 25% on body building cost.
• In case of new borrowers' minimum margin of 25% in all cases.

**On-Road Price include Ex-Showroom/Chassis, Insurance, Road Tax and Permit Charges only.

Rate of Interest

• As per circular in force based on Internal/external rating of the account.

Prime Security

• Hypothecation of the vehicle(s) purchased out of the Bank finance.

Collateral Security

• Loan will be covered either under CGTMSE or suitable collateral security to be provided.
• Guarantee fee to be borne by the borrower.
• Nil Collateral Security for existing customers with minimum 03 years of satisfactory dealing with us.

Loan Assessment

• Loans will be assessed based on the Cash Flows/Cash Accruals of the unit.

Repayment Period

• Maximum Repayment period up to 84 months