Commercial Vehicle Loan - Business
COMMERCIAL VEHICLE LOAN
Show More
SME Fixed DepositsSME Government SchemesApply OnlineExternal Benchmark based Lending Rate(EBLR) for MSME LoansOnline Lead StatusContact Details of AGM SMEsList of SME Intensive BranchesDigital collection ProductsDigital LoansLoan Against PropertyLoans for Healthcare IndustryTransport Vehicle loansSupply Chain FinanceEnergy Efficient ProductsOther Business LoansSmall Business LoansIndustry Specific Loans
Objective/ Purpose
- To finance new commercial vehicles, Electric vehicles, Hybrid commercial vehicles, CNG vehicles, Ambulances and Caravan Vehicles (Specially built for the purpose of travel, leisure and accommodation).
Features
- Target Group:
- Transport Operators, Tour Operators, Travel Agencies, Business Enterprises, Contractors, Captive Users, Warehouse Owners, Logistics provider, Hospitality Sector, First Time Buyers with experience in related activities.
- Facilities Available : Term Loan
- Quantum of Loan :
- Minimum: Rs.10.00 lakhs.
- Maximum: Rs.50.00 Lakhs.
- Pricing : Competitive pricing linked to EBR (Linked to Repo Rate and Currently EBR is Repo Rate + 2.65%)
- Borrower's Margin / Contribution : 15% on on-road price
- Repayment Period :
- For Commercial Vehicle: Maximum 84 months. Moratorium: Up to 6 months.
- For Electric Vehicle : Maximum 48 months. Moratorium: Up to 6 months. Repayment on EMI basis. Negotiated repayment can be done depending on cash accruals.
- Processing Fee/ Upfront Fee : 0.50% of the loan amount + GST.
- Other Charges: 5% p.a. over and above the existing rate of interest on overdue amount for the period of default
- Collateral Security :
Loans will be covered under CGTMSE.
Guarantee fee to be borne by the borrower. - Special Feature :Eligibility Criteria:
- Minimum 2 years of experience in transport industry/ Hospitality Industry and other related business enterprise/ activities.
- Satisfactory track record with existing banks/FIs.
- Income Tax Assessee (personal & Business).
- MSMEs should be registered in UDYAM portal and should have Udyam Registration Certificate.
Eligibility Criteria
- Minimum 2 years of experience in transport industry/ Hospitality
- Industry and other related business enterprise/ activities.
- Satisfactory track record with existing banks/FIs.
- Income Tax Assessee (personal & Business).
- MSMEs should be registered in UDYAM portal and should have Udyam Registration Certificate.
- First time users may also be considered as a special case.
Collateral Security
Nil
Loans will be covered under CGTMSE. Guarantee fee to be borne by the borrower.
Last Updated On : Thursday, 08-02-2024

Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above
6.50% p.a.
for loan amount up to Rs. 2 lacs
8.65% p.a.
for loan amount > Rs. 2 lacs up to Rs. 6 lacs
SME Loans
Limited Time Offers - Unlimited Joy

Criteria
- Features
- Eligibility
- Terms and Conditions

Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above
6.50% p.a.
for loan amount up to Rs. 2 lacs
8.65% p.a.
for loan amount > Rs. 2 lacs up to Rs. 6 lacs