| 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. |
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| What should be the purpose? |
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For purchasing a brand new vehicle for the use as taxi ( public transport utility) in Mumbai and adjoining areas.
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| Area of Operation ? |
| City Limits of Mumbai, Thane, & Navi Mumbai only |
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| What is the age criteria? |
| Min: 21 years, Max : 65 years |
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| How much loan can be granted ? |
| 90% of invoice value |
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| What is rate of interest? |
| 12% p.a. with monthly rests (2% Penalty for default) |
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| What will be the share linkage ? |
| Rs. 1000/- per loan |
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| Margin ? |
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10% on gross invoice value
Gross Invoice will include Vehicle Cost, CNG, Registration, Taxes, Meter, Painting, Insurance, Permit Fees (With paid receipt), etc
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| What will be the repayment period? |
| Maximum upto 60 EMIs by PDCs/ECS. No pre-payment penalty. |
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| 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. |
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| Processing Fee ? |
| 1% of loan amount plus Service Tax as applicable. |
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| What about guarantors? |
| Two guarantors acceptable to Bank |
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| How to apply? |
Application to be made to nearest branch. Documents to be furnished as under:
- Application in prescribed format
- Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
- Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
- Copy of valid driving license
- Pro-forma invoice from dealer
- Consent letter & financial papers of guarantors
- Blank transfer forms duly signed
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| What about insurance? |
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· 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 |
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| How disbursement will be made? |
| By way of direct disbursement to dealer by Bank` pay order against pro-forma invoices. |
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| Documents Required ? |
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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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