Key Features

For any business to succeed, the availability of funds throughout its life cycle is of paramount importance. We offer a wide range of services for funding of commercial vehicles and construction equipments.The limits are fixed keeping in view the customer’s need for funds against the value of the security, margin available and credit worthiness of the borrower.

At first, the customer requirements are properly understood and documented. After this the customer requirements are matched with company capability and services are offered as per the requirements of the customer within the overall policy framework/procedural guidelines. Creditworthiness of the customer is properly assessed and approval is obtained from the appropriate authority.

Eligibility

• You or your guarantor should have at least 3 years experience in relevant transport operations.
• If you are new to this field, your guarantor should meet this criterion.
• You or your guarantor should own at least one free vehicle.
• You or your guarantor should have been a resident of that area at least for three years.
• You or your guarantor should own immovable unencumbered property equivalent to the amount financed and a copy of the property deed and tax paid challan to be furnished.
• Cash generation potential from the vehicle should be at least 1.3 times of the installment payable after meeting all operational expenses.
• Your guarantor should be known to you and should preferably be our existing customer.
• He should not be your relative.
• For special purpose vehicle (eg. Tippers), you should have concluded contracts covering at least 50% of the proposed contract tenure.
PURPOSE:
For the purchase of new and used commercial vehicles of all manufacturers.

Documentation

• Proof of residence - Ration card or Passport copy or Voter's ID.
• Contract copies for special purpose vehicles/ vehicles deployed against specific contracts.
• Statement of earlier loans taken.
• Copy of property deed for immovable property owned.
• RC book photocopies for vehicles owned.
• Copy of Income Tax and Wealth Tax returns for past two years.
• Details of your guarantor - his business, networth, IT returns & Wealth Tax term copies.
For Partnership Firms.

• Partnership Deed and authorization letter for partnership firms.
• Profit and Loss account and Balance Sheet for past 2 years.
• Registration Certificate.
• Contract copies for special purpose vehicles/ vehicles deployed against specific contracts.
• Statement of earlier loans taken.
• Copy of property deed for immovable property owned.
• RC book photocopies for vehicles owned.
• Details of your guarantor - his business, networth, IT returns & Wealth Tax term copies.
Terms/conditions:
Same as eligibility criteria

Interest rates and charges:
Refer Schedule of charges for the interest rate and charges