J & K Bank Commercial Vehicle Loan | J&K Bank Commercial Car Loan | JK Bank Commercial Vehicle Loan

Описание: J & K Bank Commercial Vehicle Loan | J&K Bank Commercial Car Loan | JK Bank Commercial Vehicle Loan

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The finance under this scheme shall be available for purchase of Battery or Fuel operated fresh commercial vehicles or new chassis and/or fabrication of its body for commercial plying or for captive use. The commercial vehicles will include passenger buses, trucks, tippers, oil and gas tankers, taxis, mini buses, light commercial vehicles, tempo, auto rickshaws and any other mode of transportation. The vehicles should be of approved models/makes by the respective RTOs/ Transport Authorities.

Loan Eligibility
Individuals / Proprietorship firms /partnership firms/ LLPs & Limited companies/Trusts and other non-individual entities, operating or proposing to own / operate transport vehicles for carrying passengers or goods on hire or for captive use.

The borrower entity should have sufficient net worth to pay for the margin and initial recurring expenses.

Minimum period of existence in case of non-individual entities: 2 years in business (can be waived-off by next higher authority on the merit of the case).

The Quantum of Finance is as under:

i) In case of commercial vehicles with cost upto Rs 10.00 Lacs:

a) 100% of the Ex-Showroom Cost of the vehicle which shall include the cost of the chassis and fabrication cost.

(OR)

b) 90% On-Road Cost of the vehicle which shall include Ex Showroom cost, registration fee, 1st insurance premium, fabrication cost (if any).

ii) In case of commercial vehicles with cost above Rs 10.00 Lacs:

a) Maximum 90% of the Ex-Showroom cost of the vehicle which shall include the cost of the chassis and fabrication cost.

For vehicle with cost upto Rs 10.00 lacs:
Nil where Ex-Showroom Cost is financed10% where On-road cost is financed
For vehicle with cost above Rs 10.00 lacs
15% of on-road cost (OR)10% of Ex-Showroom Cost

Maximum Tenor: 84 months i.e. 7 years.

Moratorium Period:
 Upto 2 month for vehicles that does not require fabrication of body.
 Upto 03 month for vehicles that requires fabrication of body.

0.50% of Loan amount+ Applicable GST
Minimum Rs 2500+GST
Maximum Rs 25000+GST.

Prepayment/ Foreclosure shall be allowed without any prepayment charges.

Interest
 RLLR +1.25% (Floating)

Note:All the proposals (excluding cases of individual borrowers) shall be rated through the Risk Scorer Application, however, the pricing shall be delinked from the rating grade.


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