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Taxi Operator Loan Scheme
 
Who can apply?
Permanent resident of Mumbai, having a valid RTA permit to ply taxi in Mumbai or Iradapatra issued by RTA. Applicant should be a member of a registered Taxi men`s Union.
 
What should be  the purpose?  

For purchasing a brand new vehicle for the use as taxi ( public transport utility) in Mumbai and adjoining areas.

 
Area of Operation ?
City Limits of Mumbai, Thane, & Navi Mumbai only
 
What is the age  criteria?
 Min: 21 years, Max : 65 years
 
How much loan can be granted ?
90% of invoice value
 
What is rate of interest?
12% p.a. with monthly rests (2% Penalty for default)
 
What will be the share linkage ?
Rs. 1000/- per loan
 
Margin ?

10% on gross invoice value

Gross Invoice will include Vehicle Cost, CNG, Registration, Taxes, Meter, Painting, Insurance, Permit Fees (With paid receipt), etc

 
What will be the repayment period?
Maximum upto 60 EMIs by PDCs/ECS.  No pre-payment penalty.
 
What will be the securities? 
Hypothecation of  the vehicle ( charge to be regd with RTA).  Also Bank’s hypothecation charge should be Recorded in the RC Book and lodged with the Bank.
 
Processing Fee ?
1% of loan amount plus Service Tax as applicable.
 
What about guarantors?
Two  guarantors acceptable to Bank
 
How to apply?
Application to be made to nearest branch. Documents to be furnished as under:
  1. Application in prescribed format
  2. Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
  3. Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
  4. Copy of valid driving license
  5. Pro-forma invoice from dealer
  6. Consent letter & financial papers of guarantors
  7. Blank transfer forms duly signed
What about insurance?
· Vehicle to be fully insured with Bank Clause & insurance premium to be paid separately by the borrower apart from EMI’s.
· Original policy to be lodged with the Bank.
. Letter of Authority in favour of Bank to debit saving / loan A/c with the amount  of insurance premium if the renewed policy is not submitted within 10 days from the date of expiry of the Policy
 
How disbursement will be made?
By way of direct disbursement to dealer by Bank` pay order against pro-forma invoices.
 
Documents Required ?
 
a)      Proof of Identity /Residence as per KYC Norms for Applicant & Guarantors
b)      Affidavit from Flat Owner and copy of LL Agreement
c)    Copy of PAN card    
d)    Copy of IT Returns of last 3 years, if available
e)     Passport size photograph – 3 copies
f)      Proforma Invoice/Quotation from dealer with break-ups
g)     Copy of Bank Statement of the Applicant/Guarantors
h)     RTO related forms (Form No-26, 28, 29, 31, 34, and 35) for   registration of hypothecation & blank transfer forms duly signed.
i)      Copy of Driving License
j)      Copy Electricity Bill/Ration Card/Telephone Bill
k)     Copy of membership of Taxmen’s Union duly attested by the Union.
l)       Letter from Union
m)   CIBIL report
 
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