Taxi Loan Operator Scheme
 
Who can apply?

Permanent resident of Mumbai having a valid RTO permit to ply taxis in Mumbai or Iradapatra issued by RTA in the name of prospective borrower.

Prospective Borrower to be member of the Registered Taximen’s Union.

 
What should be  the purpose?  
Purchase of brand new vehicles, 4 wheelers to be used as Taxis (Public Transport Operator)
 
Area of Operation
City Limits of Mumbai, Thane, & Navi Mumbai only
 
What is the age  criteria?
 Min: 21 years, Max : 65 years
 
What is rate of interest?
11.75% p.a. with monthly rests (2% penalty for default)
 
What will be the Margin?

10% on gross invoice value

Gross Invoice will include Vehicle cost, CNG, Registration, Taxes, Meter, Painting, Insurance, Permit Fees (with paid receipt), etc.
 
What will be the repayment period?
• 60 EMIs (including 2 months moratorium period)
• No pre-payment penalty
• PDC/ ECS Mandate to be obtained for repayment
 
What about guarantors?

2 Guarantors (from a group of borrowers/guarantors) & 3rd additional Guarantor who should be Legal heir / family member.   Or

2 Guarantors one of them should be legal heir / family member of borrower and other having independent source of income.
 
What about Processing fee?
1% of Loan Amount plus Service Tax as applicable.
 
What will be the share linkage
Rs. 1,000/- per loan
 
What will be the securities-Primary? 
Hypothecation of vehicle to be registered with RTA.  Also Bank’s hypothecation charge should be Recorded in the RC Book and lodged with the Bank.
 
What about insurance?
• Vehicle to be fully insured with Bank Clause & insurance premium to be paid separately by the borrower apart from EMI’s.
• Original policy to be lodged with the Bank.
• Letter of Authority in favour of Bank to debit saving / loan A/c with the amount of insurance premium if the renewed policy is not submitted within 10 days from the date of expiry of the Policy
 
Documents Required

a) Proof of Identity /Residence as per KYC Norms for Applicant & Guarantors
b) Affidavit from Flat Owner and copy of LL Agreement
c) Copy of PAN card
d) Copy of IT Returns of last 3 years, if available
e) Passport size photograph – 3 copies
f) Proforma Invoice/Quotation from dealer with break-ups
g) Copy of Bank Statement of the Applicant/Guarantors
h) RTO related forms (Form No-26, 28, 29, 31, 34, and 35) for registration of hypothecation & blank transfer forms duly signed.
i) Copy of Driving License
j) Copy Electricity Bill/Ration Card/Telephone Bill
k) Copy of membership of Taxmen’s Union duly attested by the Union.
l) Letter from UnionCopy of membership of Taxmen’s Union duly attested by the Union.
m) Letter from Union
n) CIBIL report .
o) copy of permit
p) Copy of Taxi Batch

In addition to the existing documents following documents to be obtained in cases where loan is applied against Iradapatra issued by RTA
a) Copy of Iradapatra issued by competent authority.
b) copy of Police Vertification report
c) copy of proof of residentail stay in State of Maharashtra for last 15 years.
d) Undertaking from application stating that he will submit the copy of permit as and when issued by RTA
 
Other Documents (To be submitted after disbursement)

i) R.C. Book evidencing Bank’s hypothecation charge duly registered
ii) Duplicate Keys to be submitted
iii) Original Tax Invoice
iv) Copy of Insurance Policy with Bank clause
v) Acknowledgement of the borrower having received the delivery of the vehicle in perfect Condition.
vi) Affidavit-cum-Declaration that the borrower will handover the possession of the vehicle to the Bank’s representative in case of default
vii) Letter of Authority in favor of the Bank authorizing the Bank to sell the vehicle in case of default
viii) Vehicle Inspection Report duly signed by the Bank Official on post-disbursement inspection of vehicle to be held on record

In addition to the existing documents copy of permit to be obtained in cases where loan is disbursed against Iradapatra issued by RTA
 
Penalty for Cheque/Ecs Bounce
Rs.125/- plus service tax, per presentation.
 
Account Opening
Borrower & Guarantors to open a Saving Bank Account with the branch
 
Sanctioning Authority
Central Office
 
Disbursement of Loan
By way of direct disbursement to dealer by Bank R.T.G.S / Pay order against pro-forma invoices.
 
Inspection
Inspection of the vehicle to be carried out after the disbursal of loan & report in our prescribed format to be held on record.
 
 
National Co-operative Bank