Target Group

• Micro, Small & Medium Enterprise / Entrepreneurs

Purpose

• For purchase of 2 / 3 / 4 wheeler electric vehicles (New vehicle) by MSMEs for the business purpose.
• 2 wheeler –  for delivering goods to their clients at door step etc.
• 3 wheelers – E-Rickshaw passenger vehicles, commercial vehicle for transporting material.
• 4 wheelers – passenger vehicles for official use by MSMEs / commercial vehicle for transporting material

Nature of Facility

• Term Loan

Amount of Loan

• Upto 85% of “On Road “ price of the vehicle
• More than one vehicle per borrower can also be considered.

Margin (Promoter’s Contribution)

• Minimum : 15% on “On Road” price of the vehicle

Repayment Period

• 2/3 Wheeler:  Maximum 48 EMIs
• 4 Wheeler     : Maximum 60 EMIs

Security

• Vehicle/s purchased out of the Loan.  Bank’s lien should be marked on the Vehicle Registration certificate.

COLLATERAL SECURITY:

• Loans to Micro & Small Enterprises should be covered under CGTMSE Scheme (if the limit is for Manufacturing / services unit upto Rs. 2 crore & if the limit is for Trade sector upto Rs. 1 crore). Guarantee Fee is to be borne by the borrower.
• If the Loan limit to Micro & Small Enterprises is beyond CGTMSE coverage eligibility: 100% collateral security in the form of immovable properties / liquid securities for the loan portion beyond CGTMSE coverage is to be obtained.
• Loans to Medium Enterprises upto Rs. 25 lakh: NIL
• Loans to Medium Enterprises above Rs. 25 lakh : 100% collateral security in the form of immovable properties / liquid securities for the loan portion above Rs. 25.00 lakhs.

Personal Guarantee :

• Personal Guarantee of Partners / Directors as per extant guidelines.

Processing charges

• 0.59% subject to a maximum of Rs. 5900/-

Other Charges

• Nil

Interest Rates

• Please refer home page for interest rates