SME CAR LOAN - Business
SME Car Loan
Purpose : To provide car loans as term loan in the name of SME units, for purchase of only new cars viz. passenger cars, jeeps, multi utility vehicles (MUVs) and sports utility vehicles (SUVs) etc. for use by its promoters / partners / directors / employees usage. The car can be of Petrol/Diesel/CNG/Hybrid/Electric Engine. Financing for Demo Cars is not permitted under the product.
Features
- Target Group : The loan can be extended in the name of SME Units, both Existing to Bank (ETB) and New to Bank (NTB). Loans in individual names shall not qualify under SME Car Loan.
- Facilities Available : Term Loan
- Quantum of loan :
- Max. Loan amount-Rs 5.00 crores.
- Capping of each car loan: NIL
- Overall cap: Rs 5.00 Cr (Within the overall cap, any number of cars can be availed by the unit)
- Pricing :
- Attractive Interest rates based on CIC score of the Proprietor/Partner/Promoter Director and Tenor of the loan.
- Borrower’s Margin / Contribution
- Up to Rs. 25 lakh: 10% of the on-road price of the car
>Rs.25 lakh to Rs.5 Cr- 15% of the on-road price of the car
- Up to Rs. 25 lakh: 10% of the on-road price of the car
- Repayment Period : Maximum Repayment Period of 5 or 7 years through EMIs
- Processing Fee/ Upfront Fee : 0.50% of the loan amount (subject to min. of Rs. 500 and max. of Rs. 10,000)
- Other Charges: As per Bank Guidelines which will be appraised to the borrower before sanction of loans.
- Special Feature:The loans can be extended to
- Existing SME unit (ETB), having borrowing arrangement with us for last 12 months subject to account not being in SMA-1 or worse category during the last 12 months.
- Existing Current Account (New to Credit) customers with minimum vintage of 12 months and don’t have borrowing arrangement with any other Bank.
- New customers having current account with other Banks with 12 months vintage and or borrowing arrangements with them for the last 12 months.
Eligibility
- All MSME/Non-MSME units, having borrowing arrangement with us, are eligible under the product, subject to account not being in SMA-1 or worse category during the last 12 months.
Last Updated On : Thursday, 09-01-2025
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
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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