Baroda Tankerz Loan
Finance to SC/ST entrepreneurs for purchase of LPG tankers by successful allottees of transportation contract by Oil Marketing Companies (IOC/BPCL/HPCL) under Stand-Up India Scheme
- Structured product for quick & hassle free loan approval
- Collateral free Credit Facility under Stand-Up India Scheme
- Attractive Interest Rate
- Longer tenure up to 60 months
- Higher amount of eligibility upto Rs.100.00Lacs
- Pan India
- Minimum Documentation
- Eligible group : SC / ST Entrepreneurs who have secured tender (Bulk LPG transportation Contract) of Oil Marketing Companies (IOC/ BPCL/ HPCL). In case of non-individual enterprises, 51% of the shareholding and controlling stake should be held by SC/ST.
- Purpose: For the purchase of new Tanker Trucks for commercial use with Oil Marketing Companies.
- Type of Facility : Demand Loan / Term Loan / Clean Overdraft/ Bank Guarantee
- Limit : Above Rs.10 lakh and Maximum Rs.100 lakh (FB & NFB put together)
- Repayment Period : 60 months
- Margin : Term Loan
Option I - Minimum 25%
Option II - Minimum 10%
Margin money can be provided in convergence with eligible Central /State Schemes.
In such cases the minimum margin contribution from the borrower will be at 10%
- Security : Collateral free facility
- Age Limit:
Minimum Age : Applicant 21 years
Maximum Age : 55 years
Interest Rate & Charges
- Option I For margin 25% - Term loan/Overdraft – BRLLR + 0.50%
Option II For margin 10% - Term loan/Overdraft – BRLLR + 2.0%
- Commission on Bank Guarantee : Card Rate
- Unified processing charges : Flat Rs.15,000/- + Tax
Other Terms and Conditions
- Credit Guarantee Coverage Fee: To be borne by the borrowers.
- Security : Hypothecation of vehicle financed under Term Loan
- Term Loan- Maximum 66 months (door to door) including moratorium period of 6 months. i.e. Repayment of 60 months
- Clean OD- To meet initial expenses upto two months from commencement of operation of vehicle and thereafter limit to be reduced in 36 equal instalments. Interest to be serviced as and whencharged.