Target Group
Individual / Proprietorship concern / Partnership Firm / Private Limited Company / Public Limited Company / Limited Liability Partnership Firm / Trust
Purpose
- For purchase of 2 / 3 / 4 wheeler electric vehicles (New vehicle) by MSMEs for the business purpose.
- 2 wheeler – for delivering goods to their clients at door step etc.
- 3 wheelers – AutoRickshaw passenger vehicles, commercial vehicle for transporting material.
- 4 wheelers – passenger vehicles for official use by MSMEs / commercial vehicle for transporting material.
Nature of Facility
Fund Based: Term Loan
Loan Amount
Maximum Loan Amount: No ceiling
More than one vehicle per borrower can also be considered.
Margin (Promoter’s contribution)
15% on “On Road” cost of the vehicle
Security
Primary Security: Vehicle/s purchased out of the Loan.
Collateral Security:
Micro & Small Enterprises CGTMSE coverage (if the limit is for Manufacturing / services unit upto Rs. 2 crore & if the limit is for Trade sector upto Rs. 1 crore or
100% collateral security in the form of immovable properties / liquid securities for the loan portion beyond CGTMSE coverage is to be obtained.
Loans to Medium Enterprises upto Rs. 25 lakh: NIL
Loans to Medium Enterprises above Rs. 25 lakh : 100% collateral security in the form of immovable properties / liquid securities for the loan portion above Rs. 25.00 lakhs.
Personal Guarantee :
Personal Guarantee of Partners / Directors as per extant guidelines
Repayment
Loan for 2/3 Wheeler: Maximum 48 months (Door to Door tenor)Loan for 4 Wheeler : Maximum 60 months (Door to Door tenor) i.e. total tenor including holiday period
Processing & other charges
Processing Charges: 0.59% of loan amount subject to a maximum of Rs. 5900/-
All other charges applicable.
Credits – Indian Bank