Organization : Oriental Bank of Commerce
Facility : Oriental Scheme For Financing Autos / Taxis
Scheme : https://www.pnbindia.in/
Home Page : https://www.pnbindia.in/
Financing Autos / Taxis
Purpose :
To purchase Autos (3 wheeler), Taxis (4 wheeler) and Small Cargo Vehicles for operating them as commercial passenger / Cargo vehicles.
Related : Oriental Bank of Commerce Uttam Vyapari Scheme : www.statusin.in/20853.html
Loan Amount :
Upto Rs. 10.00 Lacs per vehicle subject to aggregate maximum limit of Rs.50 lacs.
No. of vehicles :
Up to 10 (ten) vehicles per entity irrespective of it being an individual, partnership, sole proprietorship, private Ltd./ Public Ltd. companies.
Security clause :
Hypothecation of Auto/Taxi to be purchased from Bank’s Finance.
(The hypothecation clause shall be registered with RTO)
Collateral Security :
Loan Upto Rs.5.00 lacs —– Mandatory CGTMSE Guarantee Coverage.
Loan above Rs. 5.00 lacs and upto Rs. 10.00 lacs — 50% Tangible collateral security in the shape of immovable/liquid security or CGTMSE guarantee coverage.
Loan amount above Rs. 10.00 Lacs—100% Tangible collateral security in the shape of immovable/liquid security or CGTMSE guarantee coverage.
Guarantee Coverage CGTMSE :
The option of guarantee coverage CGTMSE scheme may be offered to the borrower in case he is unable to provide the above said collateral securities for his above said loan facilities.
Margin :
15% of the ‘On Road Price’ as per the performa invoice of the Dealer (On road price shall include Vehicle Ex-showroom Price, insurance, Registration etc.)
Penal Interest :
In case of delayed payment, a penalty of 2% on the overdue amount for the overdue period shall be charged.
Repayment :
Upto 60 months including moratorium period of 3 months. (Servicing of interest during moratorium period is compulsory).
Prepayment Penalty : NIL
Check points :
Line of business, experience, driving history, invoice of dealer/vendor, inspection of vehicle.
* For further details please contact the nearby branch or call at 1800-180-1235 & 0124-2340940
FAQs :
1. What is KYC? Why is it required?
KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused.
The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same.
2. What are the KYC requirements for opening a bank account?
To open a bank account, one needs to submit a ‘proof of identity and proof of address’ together with a recent photograph.
3. What are the documents to be given as ‘proof of identity’ and ‘proof of address’?
The Government of India has notified six documents as ‘Officially Valid Documents (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar
Card issued by UIDAI and NREGA Card. You need to submit any one of these documents as proof of identity. If these documents also contain your address details, then it would be accepted as as ‘proof of address’.
If the document submitted by you for proof of identity does not contain address details, then you will have to submit another officially valid document which contains address details.
4. If I do not have any of the documents listed above to show my ‘proof of identity’, can I still open a bank account?
Yes. You can still open a bank account known as ‘Small Account’ by submitting your recent photograph and putting your signature or thumb impression in the presence of the bank official.
5. Is there any difference between such ‘small accounts’ and other accounts?
Yes. The ‘Small Accounts’ have certain limitations such as :
** balance in such accounts at any point of time should not exceed Rs.50,000
** total credits in one year should not exceed Rs.1,00,000
** total withdrawal and transfers should not exceed Rs.10,000 in a month.
** Foreign remittances cannot be credited to such accounts.
Such accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months, if the holder of such an account
provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account. The bank will review such account after twenty four months to see if it requires such relaxation.