PURPOSE

For purchase of New Commercial Vehicles like, Buses, Trucks, Tankers, Tempos, Taxi, Four/Three wheelers, Electric vehicles, Ambulances,  Hybrid commercial vehicles, CNG vehicles and any other vehicles of mass transportation for carrying passengers or goods on hire subject to the condition that the vehicle is approved by the competent authority for commercial purposes.

ELIGIBILITY

1. Individuals, proprietorship/ partnership firm/ Limited company/ Limited Liability Partnership, trust, society, associations owning and operating or proposing to own and operate transport vehicles for carrying passengers or goods on hire or for own Business purpose. The borrower (s) should have been granted a permit by an appropriate authority to ply vehicle(s) for passengers or goods traffic for hire.
2.  Minimum required CIBIL score shall be-

     For New individuals with credit History- 700 or above.

     For New individuals with Insufficient Credit history : -1,3,4,5

     or 101-200

For Existing individual Borrowers*-641 or above.

*Borrowers only having a record of regular/timely repayment for more than one year without any delinquency or default

QUANTUM OF FINANCE

80% of the cost of vehicle (pre-assembled/ cost of chassis/ cost of body/ cost of chassis & cost of body), onetime Registration Charges & Road Tax, and Insurance Charges.

Maximum limit that can be sanctioned under the scheme is Rs 5.00 Crore.

ROI

REPAYMENT

Moratorium Period*- Maximum 6 Months from the date of disbursement of loan.

*Moratorium period shall be available only for the vehicles where body is to be built, not for readymade vehicles.

Loan to be repaid in Equated Monthly Instalments (EMIs) in

Maximum 5 Years (exclusive of moratorium period, if any).

PROCESSING CHARGES

@1.00% + GST

(One Time- applicable at the time of sanction only).

GAURANTEE

• Individual / Proprietorship cases: Guarantee of spouse/major son or Third Party is required for any amount of loan.
• Partnership Firm cases: No guarantee to be obtained as all the partners would execute the documents and would be liable jointly and severely. 
• Joint Stock Companies/ Trusts / Associations etc: Personal guarantee of any Director/ Trustee / Member (other than those who are executing the documents).

If guarantor is not available/provided, Borrower is required to take CGTMSE coverage.