|Bank||Union Bank of India|
|Description||Term Loan : for purchase of Brand new Vehicles.
Maximum: – Rs.500.00 lakhs (in cases where the bank is having tie up with vehicle manufacturer)
Rs.200.00 lakhs (where the bank is not having tie up with vehicle manufacturer)
|Eligibility||All business units of following constitution i.e. Individuals, HUF, Proprietorship, Partnership concerns (including LLP), Limited Companies, engaged in transportation business or any other business.|
|Rate of Interest & Repayment||
Above Rs.2.00 Lakhs to Rs.500.00 lakhs
Rate of interest is inclusive of Tenor premium for account having tenor period upto 36 months. However, if the tenor period is beyond 36 months and upto 60 months additional interest of 0.25% over and above the ROI as mentioned above to be charged to borrower.
Repayment will be in form of Equated Monthly Installment (EMI) with Maximum up to 60 months including moratorium of maximum 3 (three) months in case of HCV/HMV only, since additional time is required for body/trailer building. In case of LCV/LMV 1(one) month moratorium to be given.
|Composite /loan Limit|