This product offers the TMF customer a loan against hypothecation of an existing vehicle, at an attractive rate of interest. It helps in encashing the investment locked in the asset without having to dispose it off to fund various needs related to Purchase of New Tyres/Vehicle, Refurbishing of Vehicles/Engines and Business Requirements etc. The maximum loan amount can be upto 80% of the market value of the asset, less the outstanding loan, and is subject to the current loan eligibility.
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| Example: |
Existing outstanding Loan: Rs. 1.5 Lacs
Current Market Value of Asset: Rs. 6 Lacs
Maximum Loan eligibility, 80% of market value i.e.: Rs. 4.8 Lacs |
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| Eligibility: |
Any individual / Partnership firm / company with more than 2 years business experience.
Funding extended to First Time User, Contractors and Captive Consumers. |
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| Documents required: |
Proof of Identity:- Passport , Photo Credit Card, PAN Card, Voters Id car, driving license, Employee ID issued by Government of India,PSU,Limited companies, Local Panchayat ID card, Notary certification with Photograph.
Address Proof: - Lease Agreement, Ration card, Driving license, House Tax Challan, Housing Society Bill, Voters card, passport, telephone bill, electricity bill, Water Tax Challan, Telephone Bill / WLL Connection, Credit Card Statement, Post Paid mobile bills (2 bills required – bill of the last completed month and of 6 month before the last completed month), PAN Card, Bank Certification / Statement duly certified by the bank in original, Gas Connection Bill.
The documents submitted towards identity proof to reflect the current address of the concern/firm. |
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