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.
( अंतिम संशोधन May 09, 2022 at 11:05:22 AM )