Any individual / Association of persons / Partnership Firms / Companies engaged in the business of transport.
Purchase of commercial vehicles and heavy earth moving machineries such as Excavator, Bull Dozer, Pay Loader etc.
Amount of Loan.
Amount of Finance
|New Vehicles||Second hand Vehicles|
|Service Oriented Vehicles such as Buses & Trucks and Machineries such as Excavator, Bull Dozer, Pay Loader etc.||50%||30%|
|Passenger Buses||70 %||30%|
Rate of Interest.
|Commercial Vehicles / Machineries||11.00 %|
Maximum period 5 years and for passenger buses is 7 years.
The vehicle / machineries purchased with the amount of loan is to be hypothecated to the Bank. It will be registered in the name of the borrower jointly with the Bank.
The intending borrower will be required to settle the transaction for purchase of vehicle needed by him/her with the seller and will be required to deposit the difference of the cost of the vehicle to amount of loan, and thereafter, the advance will be allowed to him/her from the bank by paying the entire price of the vehicle to the seller directly, on behalf of the borrower.
For more details and other formalities contact nearest branch head.