Small Commercial Vehicle finance under tie-up with Mahindra & Mahindra Ltd - Business

Features

• Target Group :
  • Small Road Transport Operators and First Time Users engaged in transport services who are acquiring new Small Commercial Vehicles (SCVs), Electric Vehicles (EVs) & Light Commercial Vehicles (LCVs) manufactured by Mahindra & Mahindra.
• Facilities Available : Term Loan
• Quantum of Loan : 90% LTV on on-road price. Maximum: Rs.10 lakhs.
• Pricing : Competitive pricing linked to EBR (Linked to Repo Rate and Currently EBR is Repo Rate + 2.65%)
• Borrower's Margin / Contribution : 10% on on-road price.
• Repayment Period :
  • SCVs/LCVs: Repayable up to 72 EMIs. (Including Moratorium of 1 month).
  • Electric Vehicles: Repayable up to 48 EMIs. (Including Moratorium of 1 month).
• Processing Fee/ Upfront Fee : 0.50% of loan amount plus applicable taxes.
• Other Charges : 5% p.a. over and above the existing rate of interest on overdue amount for the period of default
• Collateral Security : Loan to be covered under CGFMU. CGFMU Guarantee fee to be borne by the Borrower.
• Special Feature :Eligibility:
  • Small Road Transport Operator having less than10 vehicles.
  • Transport operators must have necessary permits/ license/ approval.
  • Satisfactory track record with existing banks/FIs.
  • Borrower has to get min 60% score under scoring model to be eligible under tie-up with TML. (Same as applicable to Mudra)
  • Applicant must be MSME and registered in UDYAM portal.
  • Only CLP in-principle approved proposal will be accepted by our bank for further processing.