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Baroda Asset Financing
Amount of Loan
Loan to value
Security / Documentation
- Private and Public Limited company, Individual Business men, Sole Proprietorship concern, partnership firms
- Prior account relationship not essential. However details of the applicant’s present account (either with our Bank or with other Bank) for last six months should be studied to satisfy that the conduct of the account is satisfactory.
- A/c should be Standard with other Bank in case of take over.
- Minimum period of established business / employment – 5 years.
- The business should be profit making
For purchase of any Trucks, Tractors / Heavy vehicles, Moveable Asset (Machinery) and Car for business purposes.
|New Asset / Vehicle||Maximum Ugx. 250 Million per Asset|
|Old Vehicle||Maximum Ugx. 100 Million per Vehicle|
- 25 % on cost of new vehicle / Asset including registration charges & one time insurance premium of the vehicle.
- 40% on cost of old vehicle including registration charges & one time insurance premium of the vehicle..
INSURANCE: Cost of insurance will be financed by the Bank under the above scheme, however Insurance of the Vehicle will be under one time Insurance Policy up to the tenure of the Loan.
Cost of insurance will be financed by the Bank under the above scheme, however Insurance of the Vehicle will be under one time Insurance Policy up to the tenure of the Loan.
- Loan to Value (Exposure/ purchase price of vehicle / Asset including registration charges & one-time insurance premium of the vehicle/ asset) for:
- New Vehicle/ Asset: 0.75 (75.00%)
New Vehicle/ Asset: 0.60 (60.00%)
PLR + 2% with monthly rest.
New Vehicle: Maximum in 60 months in Equal Monthly Installments.
Old Vehicle : Maximum in 48 months in Equal Monthly Installments.
Pre-payment of loan permitted subject to 2% service charges of outstanding loan amount.
- Deed of Debenture of the Asset / Vehicle.
- Adequate Collateral Security in the form of Tangible Fixed Assets or Cash Collateral i.e. Fixed Deposit etc. preferably 40% of the sanctioned limit, if the loan amount is above UGX .100 Million.
- Bank’s charge to be noted with RTO in case of vehicle.
- Comprehensive Insurance of vehicle with Bank Clause.
- Blank Transfer of Ownership Form.
- Original Log Book of the vehicle with our Lien noting to be kept in our record till the liquidation of Loan facility.
- The borrower should have adequate repayment capacity to service the Vehicle Loan and other existing Loans of the business. Borrower shall have to provide Income proof supported by Income Tax / Sales Tax / Audited financial Statement.
- Pre-sanction inspection is to be carried out and report to be kept on record.
- Credit rating required as per extant guidelines, however pricing is delinked to Credit Rating.
- In case of finance of Old Vehicle: It should not be older than 10 years.
- Branch to obtain Garage Certificate of reputed Garage to ascertain the residual useful life of the vehicle i.e. the fitness certificate.
- Residual life of the vehicle should be at least 2 years more than the repayment period fixed for the Loan.
Two Installments as per EMI of respective loan account to be paid in advance.
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