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1.
The loans are provided for heavy commercial vehicles to
individual transport operators through Sriram Investments
Limited.
2. Sriram selects the prospective clients and directs them
to the Corporation with their Recommendation letter.
3. In order to make the scheme much more attractive,100% of the chasis and 50% of the body building cost of the vehicles will be released for the loans under the SRTO New Vehicle finance
scheme.
4. The security for loan is the Corporate guarantee of the
Sriram Investments Limited, Personal guarantee of the
Individual Transport Operator and of the Directors of M/s.Sriram
Investments Limited and also the primary security, i.e.
Vehicle. All vehicles released under the scheme are
hypothecated to KTDFC and the Board noting the
hypothecations is exhibited in the vehicle.
5. The loan amount is granted either by Cheque or DD only to
the Dealer of the vehicle and the Body builder.
6. The Corporation will charge a rate of interest of 12.00% per
annum with 2% penal interest for default.
7. Loans are granted for a period up to a maximum of 60
Months. There is a moratorium period of 2 months for
starting repayment of EMI and also an option for premature
closure.
8. The cost of application form is Rs.50/- and documentation
charge is Rs.1500/- which is the same as for the general
vehicle loan scheme of the Company from time to time.
9. All loans are disbursed through the Head office only.
10. The Managing Director is authorised to sanction
individual vehicle loans under the scheme according to the
merit of each case.
11. All loan proposals are considered based on the existing
transport loan parameters of the Corporation subject to the
clauses mentioned above.
12. Shriram is authorised to collect repayment on behalf of
the Corporation and issue receipt to repossession of
vehicles in case of default. |
