V Vehicle

 

Purpose
  • Acquisition of new vehicles only for transport facility of the Students/Employees.
Eligibility
  • Educational institutions/reputed companies and firms for transportation of their own students/ employees.
  • Individuals, Proprietary concerns, Partnership firms, Companies engaged in providing the transport facility to Students/Employees, having tie-up arrangements for a minimum period of FIVE Years with these educational institutions/firms/companies.
  • The tie up arrangement should have a provision for renewing the tie up arrangements for additional period of Five Years or till the closure of term loan.
How much you are entitled to?
  • Maximum of Rs. 300.00 lakhs.
What is your contribution?
Ø 20 % of the cost of vehicle including body building.
Security
  • Hypothecation of vehicle/s acquired out of bank finance & collaterally to be secured by mortgage of property.
  • No guarantee/collateral for loans up to Rs. 100.00 lakh if covered under CGTMSE (other than educational institutions).
  • Charge to be created at ROC in case of companies.
Guarantee
  • Personal guarantee of partners/promoters.
Repayment period
  • Term loan – Maximum of 84 months.
Rate of interest
  • Base Rate + 1.55 = 11.20% 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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