Loans to Transport Operators

 

Purpose
  • For acquisition of vehicles, meeting recurring operative expenses connected with transport business and also for short term emergent financial needs.
Eligibility
  • Individuals, proprietary concerns, partnership firms, companies engaged in passengers/goods transport operation inclusive of Small Road Transport Operators.
  • SRTOs – operating/ not owning more than 10 vehicles.
How much you are entitled to?
  • Maximum of Rs. 300.00 lakhs.
What is your contribution?
  • 20 % of the cost/invoice of vehicle including body building.
Security
  • Hypothecation of vehicle/s acquired out of bank finance & collaterally to be secured by mortgage of property.
Guarantee
  • Suitable guarantor with good net worth.
Repayment period
  • Term loan – Maximum of 84 months.
  • Working capital – one year (can be renewed on a yearly basis).
  • Repayment Holiday – Maximum of 6 months within the maximum repayment period.
Rate of interest

Upto Rs.25.00 lakhs
Base Rate + 1.55 = 11.20% p.a. (floating).
Rs.25.00 lakhs and above
Base Rate + 1.80 = 11.45% p.a. (floating).

 
Pre-payment/Pre-closure charges.
  • No Pre-payment/Pre-closure Charges shall be levied.
 
Processing charges
  • Ranging from 0.16% to 0.56% of sanctioned limit.
For more details contact our nearest branch or call to our toll free no 1800 425 5885
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