Baroda Tankerz Loan

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 lakhs and maximum Rs. 100 lakhs (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

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.

Age limit:

Minimum age: Applicant 21 years

Maximum age: 55 years

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:

Card rate

Not available

• Credit guarantee coverage fee: To be borne by the borrowers.
• Security: Hypothecation of vehicle financed under term loan.

Repayment

• Term loan: Maximum 66 months (door to door) including a moratorium period of 6 months. i.e. repayment of 60 months.
• Clean OD: To meet initial expenses up to 2 months from commencement of operation of the vehicle and thereafter limit to be reduced in 36 equal instalments. Interest to be serviced as and when charged.