Light Vehicle loan (Commerical)
11.50%
Boost Your Business – Commercial Vehicle Loan
Purpose: Purchase of light vehicle for commercial use
Eligibility
- Any individual, Firm, Company, Transporter, Contractor etc.
- Third party guarantee is required if applicable
Quantum
- 70% for electric vehicles
- 30% for all other vehicles
Tenure
- Maximum term of 5 years and 7 years for electrical vehicle.
Documents Required
- Loan application form duly filled and signed on all the page
- Guarantor form duly filled and signed on all the page, if applicable
- Copy of CID of both the applicant and guarantor (if applicable)
- Recent passport size photograph of the applicant and guarantor (if applicable).
- Original Quotation/invoice for new vehicles from authorized vehicle dealers.
- Power of attorney to be submitted in cases where the vehicle is purchased in the name of quota holder.
- TCB letter and tour operating license in case of tours operators
- Copy of ownership certificates of collateral security offered to bank, if applicable.
- Letter of Consent for extension of charges duly signed by the property owner (applicable only for fixed assets).
- Proof of income to service the loan – verified income by way of rental receipts, BIT, etc.
- Any individual, Firm, Company, Transporter, Contractor etc.
- Third party guarantee is required if applicable
- 70% for electric vehicles
- 30% for all other vehicles
- Maximum term of 5 years and 7 years for electrical vehicle.
- Loan application form duly filled and signed on all the page
- Guarantor form duly filled and signed on all the page, if applicable
- Copy of CID of both the applicant and guarantor (if applicable)
- Recent passport size photograph of the applicant and guarantor (if applicable).
- Original Quotation/invoice for new vehicles from authorized vehicle dealers.
- Power of attorney to be submitted in cases where the vehicle is purchased in the name of quota holder.
- TCB letter and tour operating license in case of tours operators
- Copy of ownership certificates of collateral security offered to bank, if applicable.
- Letter of Consent for extension of charges duly signed by the property owner (applicable only for fixed assets).
- Proof of income to service the loan – verified income by way of rental receipts, BIT, etc.
