Commercial Vehicle Loan (Light/Heavy/RCM)
Features
♦ To finance purchase of Light/Heavy Commercial Vehicles and also Ready Concrete Mixer (RCM) Vehicles
♦ Repayment in 60/72 months EMIs
♦ Loan upto 75% of the cost of vehicle
♦ Rate of Interest and Margin at prevailing rates.
♦ Documentation Charges as applicable
Eligibility
♦ Borrower's present profile and satisfactory experience in the line of business.
♦ CIBIL Score 650 with no Overdue of applicant(s)/guarantors
♦ Collateral Acceptable Registered security/property upto 60% of Distress Value of loan amount.
Required Documents
♦ KYC documents + PAN Card of applicants and guarantor(s) - Business and Residential.
♦ MSME Certificate and all other relevant certificates relevant to the nature of activity
♦ Financial papers along with Min Two Years ITRs
♦ Audited Balance sheet where ever applicable
♦ Projections for next 5/6 years
♦ Two acceptable guarantors with acceptable income.
♦ Hypothecation of Vehicle shall be registered with RTO.