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TMB Vehicle Finance (For Educational Institutions)

To purchase :-

  • Vans and Buses and other transport vehicles for transportation of students, for Office/ General use of Educational Institutions.

Term Loan :-

  • New Vehicle - Rs.300 lakhs (maximum).
  • Second Hand Vehicle – Rs.100 lakh (maximum).

Societies / Trusts / Corporate and other entities running Educational Institutions registered with the appropriate Authorities.

Margin :-

  • New Vehicles
    • 15% of the on road price of the vehicle for new vehicles (including body building cost).
  • Second Hand Vehicles
    • 30% of the assessed value of the second-hand vehicle by the approved chartered valuer.

Repayment :-

  • New Vehicles
    • 7 years (including moratorium not exceeding 6 months).
  • Second Hand Vehicles
    • 5 years including moratorium Period not exceeding 3 months.

Security :--

  • Primary Security
    • Hypothecation of vehicle/s to be financed
  • Collateral
    • Loans against Second Hand Vehicles: Land And Building covering 30% of Loan amount

Interest :-

Fees & Charges :-

  • 0.75% of the Loan amount plus taxes as applicable