| Purpose |
Financing on vehicle or equipment of the business. |
| Financing Ratio: |
Maximum 80% of the value of the vehicle/equipment. |
| Nature |
Non-revolving & non-renewable. |
| Disbursement |
Full amount after taking charge on vehicle or equipment and obtaining insurance policy, for releasing payment to the vendor. |
| Principal Repayment |
On equated installment basis (EMI/EQI). |
| Interest Repayment: |
On quarterly basis or on installment payment date. |
| Security: |
Charge on the financed vehicle/equipment by taking titleship on bank’s name. |
| Tenure: |
Maximum 8 years based on estimated life of the vehicle/equipment |
