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Loan against commercial vehicles:

Commercial vehicles are used for transporting men and materials and hence a part of business activities. Bus, Trucks, Tempos, Jeeps, Tippers, Vans, JCB Loaders, etc are the various vehicles used in the business.

Purpose

To purchase a vehicle for commercial use

Loan amount

The loan amount covers the cost of the vehicle as per invoice, registration and one time tax and body building in case of new vehicle and agreement value or market value whichever is lower in case of second hand vehicle after maintaining the prescribed margin, subject to maintaining sufficient margin, as prescribed by the Bank from time to time.

90% of Chassis
75% of Chassis + Body Build (From Dealer)
Second Hand Vehicle - 50% of Market Value

Period of loan

Maximum period of loan is 60 months in case of new vehicles and 36 months in case of second hand vehicles. Loan amount should be repaid in EMI

Rate Of Interest

Please Contact Your Nearest Branch.

Margin

As mentioned above.

Security

Hypothecation of the vehicle to be purchased.

Collateral Security

No Collateral Security for loan amount upto Rs. 20.00 lacs. If guaranteed by transport operator owning fleets of 10 or more or any corporate guarantee as per Banks discretion.

Guarantee

One or Two solvent third parties depending on loan amount

*Condition Apply

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