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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.

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

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