This Hire Purchase Loan is designed to finance the purchase of public/commercial vehicles for business purpose having sufficient income sources. The loan is availed to individuals or registered firms.
0.3 Million – up to Single Obligator Limit (SOL)|
New Public vehicle: The maximum time period is 8 yearsOld public vehicle: The manufacturing year of the vehicle is to be taken as 1 year and subsequent time period of loan is taken accordingly.
|Repayment||Loan is to be repaid on
Equated Monthly Installment (EMI) basis.|
The total financing should not exceed 75% of the total purchase cost in the case of purchase of New Vehicle.
In case of Second Hand Vehicle, financing should not exceed 70% of total valuated price.(For the purchase of second hand vehicles, price of the vehicle must be valuated/certified by the authorized valuators of Garima Bikas Bank Ltd.)
|Eligibility||Other firms and individuals
having proposed vehicle income or alternative source of income.|
The applicant should provide at the following documents.