Benefits to the customer
Ideal way to afford dream goals comfortably.
Access to credit facilities to buy productive vehicles at preferential rate.
The deposit can serve as a guarantee for short term loansEnhance their Banking experience and financial management capability.
Lack of Access to finance has remained the most critical factors affecting the competitiveness and growth of SRTOs. SRTO includes Owners and Drivers of three wheelers (Bajaj), Mini-buses, midi-buses and Long Distance buses. The scheme provides SRTOs access to loans linked to level of deposits performances over a period of time.
OBJECTIVES
- To provide tailored financial products and services to STRO,•
- To solve the financing gap observed in the sector,
- To provide loans to employed drivers to assist them to buy their own vehicle.
Minimum saving amount
- The customer must have saved as initially agreed (instalments, tenure, etc.) to get the loan
- The amount shall not be less than 30% of the cost of the vehicle that is saved over a period of one year
- The cost of the vehicle will be confirmed based on the proforma invoice and any additional information collected by the technical team of the Bank, if required.
- The customer can extend maturity period beyond the initially fixed date by continuing saving or keeping the lump sum already saved
ELIGIBILITY CRITERIA
FOR OPENING AND OPERATING SRTOS ACCOUNT
- Applicant must be SRTOs - owner or a driver.
- Must be willing to make the required monthIy/periodic agreed deposits.
