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Loan Details
Commercial Vehicles
Financing solutions for purchasing new commercial vehicles for business and earning purposes.
Purpose
- Purchase of new commercial vehicles.
- Used for own business – No income is generated from the vehicle.
- Used for earning purpose – Income generated from the vehicle.
Quantum of Loan
- Max Rs.100.00 lakhs.
Margin
- 10% Ex-showroom cost or on road cost - (Sanctioning with Board of directors) (case to case basis).
- (On – Road cost = Showroom + RTO + Insurance + body building expenses)
ROI
10.50% p.a
Used for own business – at monthly rest.
11% p.a
Used for earning purpose – at monthly rest.
Documents / Income Proof
- Proforma invoice from dealer
- KYC of applicant and guarantors
- Copy of contract
- For Salaried:
- Salary certificate, salary slips for last 6 months and bank statement for the last six months or ITR or form 16 of the latest one year.
- For Businessmen:
- Last 3 years Profit & Loss Account and Balance Sheet
- IT Returns for last 3 years
- Bank statement of business account for last 3 months
- For New Operators: Projected income, eligibility to be finalised on the basis of DSCR (Debt service coverage ratio) method.
- For Self-employed: Copy of license, Previous experience certificate.
- Quotation for body building (if applicable)
Security
- Hypothecation of vehicle
Surety
- Two guarantors to be accepted who is suitable for the loan amount and acceptable to the bank.
Tenure / Repayment
- Maximum 60 months
- (In case Includes moratorium up to 3 months where finance is for vehicles requiring body building)
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