Transport Loan
Purpose
For the purchase of new vehicles. Vehicles already purchased which are less than one year old are also be eligible for transport loans.
Commercial transport includes the purchase of taxis, electric cars, public transport buses, trucks, tourist buses, and any vehicle purchased for commercial purchase.
Eligiblity
Should be a Bhutanese citizen
Cash flow/Profit & Loss statement & copy of Trade License must be submitted if repayment is to be made from Business Income.
Comprehensive Insurance is a MUST.
Quantum
| Vehicle | Type | Maximum LTV as set by RMA | Revised Conditions |
|---|---|---|---|
| Personal Vehicle or Taxi | Light Vehicle | 30% | Fixed Assets to the extent of loan amount OR Guarantor with fixed assets and good credit record OR Loan amount to be 20% of Vehicle Cost |
| Electric Vehicle | Light Vehicle | 70% | Fixed Assets to the extent of loan amount OR Guarantor with fixed assets and good credit record OR Loan amount to be 50% of Vehicle Cost |
| Trucks | Heavy Vehicle | 50% | Fixed Assets to the extent of loan amount OR Guarantor with fixed assets and good credit record OR Loan amount to be 40% of Vehicle Cost |
| Passenger Buses | Heavy Vehicle | 70% | Fixed Assets to the extent of loan amount OR Guarantor with fixed assets and good credit record OR Loan amount to be 50% of Vehicle Cost |
| Tourist Buses | Heavy Vehicle | 70% |
Tenor
5 Years Maximum
Interest Rate
Floating Rate
Fixed Rate
Existing Clients
The loan must be cross-collateralized with the existing fixed assets irrespective of the exposure of their existing facilities. However, a proper due diligence must be done on the client’s past performance.
Required Documents
Loan application form duly filled by the applicant
Copy of CID of the applicant
One recent passport size photograph of the applicant
Copy of the Quotation/Invoice for new vehicles from authorized vehicle dealers
Award letter in case of passenger buses
TCB letter and tour operating license in case of tours and treks
Valid import license for import of vehicles from other countries (other than India)
Valid Trade license for hiring equipment (tippers/trucks)