Commercial Vehicle Loan

*Note: This erstwhile Laxmi Vilas Bank product is discontinued.

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Overview

The commercial vehicle loan product can be availed to purchase commercial vehicles which include Oil Tankers, LPG Bullet Tankers, Multi-Axle Vehicles, Passenger Vehicles, Buses, Rig Units, JCB, Bulldozers’, Road Rollers, Poclain Units, Harvesters and earth movers etc.

Salient Features

• Term Loan with monthly repayment mode
• For purchase of commercial vehicles
• Repayable in 72 monthly instalments (maximum)

Eligibility

• Individuals, Proprietorships, Partnerships, Private & Public Limited Companies
• The applicant should be well-established transport operators / individuals belonging to a family well established in the transport business
• Agriculturist and Civil Contractors are also eligible for availing loans under the scheme for purchase of Rig Units, JCBs, Road-rollers, Poclain Units, etc.
• First Time Operators/First Time Users and Single Vehicle owners are also eligible.

Documentation

• a) KYC documents of the applicant, Promoters & Guarantors
• b) Quotations / Invoices for purchase of vehicles
• c) Driving license copy of the applicant (for individual borrowers)
• d) Funds Flow/Cash Flow statements, Profitability estimates & DSCR calculations
• e) Collateral property documents
• f) Any other documents as per the requirement

Loan Quantum

• Up to Rs.15.00 Cr. For Pvt.Ltd.companies
• Up to Rs.3.00 Cr. For Partnership / Proprietorships
• Up to Rs.1.00 Cr. For Individual borrowers