Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals
Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals
| Eligibility | · Central PSUs/State PSUs/Government Departments/ Educational Institutions / Firms/ Company External Rated A and above for the last 2 years / Hospitals run by Trust/Society.
· The entities should have generated net profit/income or surplus cash flows as applicable in the last 2 financial years, to service the EMIs. |
| Purpose | Purchase of New Vehicles for own use of the entity |
| Margin | 30% of On Road price for repayment period upto 60 months
20% of On Road price for repayment period from 61 to 84 months |
| Quantum of loan | Minimum: Rs.10 Lakhs.
Maximum: Rs.5 crores (OR) extant of finance required up to 10 vehicles, whichever is lower per occasion. |
| Repayment Period | Maximum 84 months (No holiday period) |
| Interest Rate | Click here |
| Processing Fee | Click here |
| Security | · Hypothecation of vehicle to be purchased.
· Personal Guarantee of promoter / partners / Directors / Trustees of firm/company. · Collateral security based on risk assessment |
| Documents required | · Audited Balance Sheet / Financial Papers / statement of account (for last 12 months) of the institutions /PSUs/company for last 3 years.
· Quotation for the vehicle from an authorised dealer . · Financial Papers / Income and Expenses statement of the institutions/PSUs/company to ascertain repayment capacity. · Documents to be taken as per documentation manual as applicable for vehicle loan. |
( Last modified on Apr 20, 2024 at 05:04:05 PM )
