Commercial Taxi loan up to ₹ 4 lakh - ₹ 6 lakh

Who should avail commercial taxi loan?

  • Fund will be given to any Tibetan taxi drivers who is interested in running taxi business for the foreseeable future for own livelihood. It is provided for the purchase of brand new taxi or for the purchase of more taxi.
  • Individual should have good track record of support amount repayment in the past.
  • The commercial taxi support facility will be provided to commercial taxi drivers.

About Commercial Taxi loan

Eligibility Criteria

  • The age limit of the applicant is 23 to 58 years. If an applicant who is above 58 and is capable and willing to run taxi for commercial purpose wants to apply for the support amount, then he should get support letter from local loan committee to ensure that he can repay loan on time.
  • The borrower should be a Tibetan who is driving commercial taxi settlements and must belong to any of the existing Tibetan settlements.
  • The borrower taxi should have proper legal documents to run as per the local rules and regulations
  • Updated green book and RC
  • Borrowers should not belong to the same family.

Documents needs

  • Fund application form signed and approved by TSO
  • Surety bond signed by all the concern parties if the applicant is from scattered Tibetan settlement or where there is no Joint Liability Group(JLG)
  • Promissory note
  • Updated Registration Certificate (optional)
  • Updated Green Book (GB)
  • SO’s support letter

Interest rate and charges

6 Lakh

Loan size

4% pa

Rate of interest

36 Months

Loan tenure

3 Business days

Grace Period

  • Description of Charges
    Trinket Loan
  • Loan Processing Charges*
    Nil
  • Pre-payment charges*
    Nil
  • Foreclosure
    Permitted without any commitment charges
  • Repayment
    6 Equal Instalments
  • Default
    2 months after the due date
  • Penalty Interest on delayed / overdue EMI
    Rs.50 per day for one month

Frequently Asked Questions

You can borrow up to 6 Lakh.

Yes, you can pay as early as possible without any pre-payment charges.

Yes, but not on this loan product.