Base rate + up to 6.00% Hire Purchase (Commercial)
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Basic Eligibility Criteria
- Applicant must have reliable and steady source of income to serve the loan installment
- The applicant is required to produce ‘permission to operate transportation business’ i.e. ‘Route Permit’ from the regulatory agency wherever applicable
- Maximum 5 Years For Public Transports
- 8 Years For Construction Related Heavy Vehicle
- On Equal Monthly Installment (EMI)/Quarterly basis comprising of Principal and interest amount
- Rs. 0.5 million to 20 million (Rs 5 lacs to Rs. 2 crore)
- For Public Transportation: up to 70% of the total cost of the vehicle.
- For Construction related heavy vehicle: up to 80% of the total cost of the vehicle.
- May differ on case to case basis; depending on the applicant’s loan repayment capacity
- Middle and upper middle class individual entrepreneurs running transportation business
- Provided to an individual or business entity to cover the cost of commercial vehicle