Truck Finance

• Interest Rate / PLR
• Traders Loan
• IPO Finance
• Mahalir Loan
• Easy Mortgage Loan
• SME Credit
• Tractor Loan
• Mini Vehicle Loan
• Truck Finance
• Banana Cultivation
• Channel Finance

Learn more about our Loan a Truck Scheme under TMB Business Loan Products.

Our popular loan a truck scheme helps the urban community to avail of loans to buy a truck for business. The criteria and conditions for sanction are relaxed to help extend the loan to the needy people at attractive rates of interest and low processing charges.

Purpose

To purchase a new Commercial Vehicle (Light / Medium / Heavy).

Eligibility

Individual, Proprietary concern, Partnership Firm, Company.

Form of Advance

Term Loan.

Primary Security

Hypothecation of Vehicle to be purchased.

Collateral Security

Tangible and marketable collateral security to cover at least 50% of the loan amount (or) Credit Worthy Third Party Guarantee.

Loan Quantum

Upto Rs. 15.00 Lakhs.

Margin

If repayment is within 36 months - 15% of the Vehicle On Road Cost. If repayment is beyond 36 months and upto five years - 25% of Vehicle On Road Cost.

Repayment

Up to maximum of 5 years excluding installment holiday of 3 months.

Rate of Interest

• PLR - 2.00% (11.50% p.a.) if repayment period is upto 36 months.
• PLR - 1.00% (12.50% p.a.) if repayment period is above 36 months.
• Current Prime Lending Rate (PLR) is 13.50% p.a.

Penal Interest

Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.

Processing Charges

Rs. 500.00.

Other Stipulation

• The Average Debt Service Coverage ratio should not be less than 1.50:1.
• Hypothecated Vehicle should be insured for full value with our Bank Clause
• Our Bank's hypothecation charge should be noted in the RC Book.
• Duplicate Key and RC Book copy should be obtained and kept along with the loan documents

Guarantee

Third Party Guarantee should be obtained if there is no collateral.

Documentation

Simple Documentation as per Bank Norms.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.