E Dealer Finance Scheme

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E Dealer Finance Scheme
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Purpose

To provide hassle free finance to authorised exclusive Dealers/stockiest/distributors/franchisees (hereinafter called “dealers”) of Industry Majors (IMs) for purchase of Inventory who are willing to furnish Collateral Security of adequate value.

Features

  • Type of Facility Cash Credit
  • Quantum of loan (Min/Max)
    • Need Based.
    • Past Performance or Projected Sales, whichever is higher or
    • Limit Recommended by IM, whichever is Lower
  • Margin (%) : Nil. 100% finance to dealers
  • Pricing : Competitive Interest Rate Linked to MCLR
  • Collateral Security : Nil / Or up to 50% depending on each tie -up
  • Repayment Period : Credit period up to 90 days. Yearly renewal
  • Processing Fee/Upfront Fee : Minimum single unified charges comprising of Processing Fee, Inspection Charges ranging from Rs. 10,000 to Rs. 30,000/-

Eligibility Criteria

  • All Authorised dealers of Industry Majors with whom the Bank has tie-up arrangement

Other Conditions

  • Transactions are done on Internet Banking Platform of the bank (no cheque book required) & which results in easy, convenient & hassle free banking facilities to all stake holders i.e. Bank, IM & Dealer.
  • Multiple Channel Repayment Option such as Cash, Cheque, Fund Transfer, NEFT, RTGS etc.
  • Transaction through 2 methods i.e. PULL METHOD (When the Industry Major makes a request for debit in the dealer’s account) & PUSH MODEL (When the dealer originates the remittance)

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Interest Rates

6.80%* p.a.

w.e.f. 01.01.2021

*T&C Apply.

 

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