Contactor Loan / Business Loan

​

Eligibility Criteria:

• Individuals, Company, Partnership, LLP engaged in civil contract activities.

​

Purpose

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

• Purchase of new machineries required for civil contract activities.

​

Maximum Amount:

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

​

Security:

• New vehicles/ machineries: Maximum 84 months.

• Used vehicles: Depending upon the residual life of vehicle, maximum up to 48 months.

​

Maximum Period of Loan:

• Hypothecation of vehicle / machineries to be purchased

​

Repayment:

• In Equated Monthly Installments (EMI).

​

Margin:

• New vehicles/machineries: 10%-15% 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)

​