Electric Vehicles

loans for Procuring New Electric Vehicles

Eligible Activities

Purchase of all types of E-vehicles for commercial and non-commercial purposes. These include Light Vehicles, three-wheelers, two wheelers, goods carriers, etc. Vehicles should be eligible for registering with Motor Vehicle Department. 

Eligible Promoters

All eligible entities as per Credit Policy.
The personal CIBIL score of all the promoters shall be 680 and above.
While funding non-commercial vehicles, the monthly income of the individual should be taken into consideration. Total deductions from the salary, including the EMI of the proposed loan, should not exceed 80% of the gross salary. The last three salary slips shall be verified to arrive at the Gross Salary & Deductions, which shall be counter checked with bank statements.

Project Cost

Vehicle cost plus 01 charger cost, road tax & registration charges, insurance, etc. Any upfront subsidy amount receivable by the owner of the vehicle, directly to his/ her bank account, at the time of purchase or registration of vehicle, shall be deducted from the Project Cost.

Maximum Assistance

80% of the Project Cost
Maximum Rs.50 lakh

Minimum Promoters Contribution

20% of the project cost.

Rate of Interest

7% after 3% State subsidy.
4% if given under NDPREM scheme of NORKA, wherever eligible. 

Mode of Disbursement

The loan amount shall be remitted to the supplier in advance after ensuring that Promoters contribution has been received by the supplier. BO has to ensure that the Supplier prepares vehicle registration documents with KFC’s hypothecation noted.

Security Coverage

Hypothecation of Vehicle. The hypothecation charge, in favour of the Corporation, shall be noted in the RC Book. Project Officer shall verify the same and file a copy of it, attested by him. Project Officer shall keep the duplicate key in the document cover with acknowledgement of the same in the file.
Personal Guarantee of all the Promoters.

Repayment of Loan

The loan has to be repaid within a period of 60 months without moratorium. Repayment shall as EMI/ EWI.

Foreclosure Premium

No foreclosure premium

Subsidy from Central /State Government/ NORKA

The Field Officer should ensure that all subsidies are routed to KFC loan account from concerned departments. Subsidies shall be credited in loan account and adjusted towards principal portion.

Monitoring of Operation of the Scheme

Immediately after loan is sanctioned, a Field Officer shall be assigned for the file and he shall monitor the project continuously. The vehicle should be taken over u/s 29 in case default exceeds more than two installments. Also, RR action should be initiated on personal assets of the promoters.