Commercial Automobile Loan

Every new venture requires a trusted shoulder to flourish. Here to empower your business plans, Saraswat Bank offers loan for the purchase of commercial vehicles up to Rs. 150 Lakhs.

Eligibility:

Individual
Businessman
Commercial organizations

Loan Amount:

Max Rs. 150 Lakhs

Basis of Advance

1. 80% of (On Road + Body Building Price)
OR
2. 5 times of Avg Gross Cash Accruals Or latest audited Gross cash accruals
1 OR 2 whichever is lower

Repayment Period

48 months with 3 months moratorium where finance is for vehicle requiring Body Building

Rate of Interest: w.e.f 21.08.2024

a) Upto Rs. 50 lakhs :
For Repayment period less than 3 years
PLR – 4.75% p.a.
For Repayment Period more than 3 years
PLR – 3.75% p.a.

b) Above Rs.50 lakhs:
For Repayment period less than 3 years
PLR – 5.25% p.a.
For Repayment Period more than 3 years
PLR – 4.25% p.a.

Processing Fee:

0.5% of loan amount, upper cap Rs 50000/-

Shareholding:

Upto 1 Cr - Rs. 1000/-
Above 1 Cr - 2.50% of loan amount, Maximum Rs.25000/-

Security:

Hypothecation of vehicle
Guarantors where collateral security is nil
Collateral security:
▪ Upto Rs.10 lakhs : NIL
▪ Above Rs.10 lakhs upto Rs.25 lakhs : 10%
▪ Above Rs.25 lakhs upto Rs.50 lakhs : 20%
▪ Above 50 lakhs : 30%

Documentation:

Duly filled prescribed application form
Proforma Invoice of the authorized dealer
KYC of the Applicant & Guarantor
Copy of contract
Businessman: Last 3 year’s profit and loss, balance sheet and ITR of last 3 years, bank statement of business account for last 3 months.
For Self-employed: Copy of license and experience certificate.
New Operators: Projected income
In case of self-employment – Copy of license and earlier experience certificate to be kept on record
Quotation for Body Building

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