Machinery Loan and / Commercial Vehicle Loan

Eligibility Criteria:

• Individuals, Company, Partnership, LLP or Machine Owner engaged in Civil / Mining / Road / Railway contract activities.

Purpose

• Purchase of new vehicles/second hand vehicles (including JCB, tractors which are registered with RTO).

• Purchase of new machineries required for mining and civil contract activities.

Maximum Amount:

• Based on requirement of the civil contractor with a maximum of ₹1000 lakh.

Security:

• New vehicles/ machineries: Maximum up to 120 months. 

• Used vehicles: Depending upon the residual life of vehicle, maximum up to 120 months.

Maximum Period of Loan:

• Hypothecation of vehicle / machineries to be purchased

Repayment:

• In Equated Monthly Installments (EMI).

Margin:

• New vehicles/machineries: 10%-25% on the cost.

• Old vehicles: 30% of cost

Rate of Interest:

As per MCLR guidelines

• The above information is subject to terms and conditions (unsecured business acquisition loans / home equity loan)