Scheme for Small Road Transport Operators (SRTOs)
The scheme aims to extend financial assistance for acquiring new transport vehicles, including goods and passenger vehicles. It provides term loans covering up to 70% of the vehicle cost, excluding road tax and insurance, repayable over a max. of 58 monthly instalments.
About This Scheme
Benefits
Financial assistance is provided up to 70% of the cost of the vehicle.
The calculation for the financial assistance excludes the cost of road tax and insurance.
The assistance is intended to meet the expenditure towards the cost of the chassis and body building for new transport vehicles (Goods and Passenger vehicle).
The maximum repayment period is 58 monthly instalments.
The repayment period includes a moratorium period of a maximum of 3 months.
A concessional rate of interest of 0.5% less than the normal rate is charged for units promoted by Women, Scheduled Caste, Scheduled Tribe, or Differently abled persons.
Financial Norms: [https://pipdic.in/financial_norms](https://pipdic.in/financial_norms)
##### Conditions
_The proposed vehicle must be hypothecated._
_Collateral security in the form of immovable property must be offered as per the lending policy of the Corporation._
_If the immovable property used for collateral security is situated in the Union Territory of Puducherry, its value must be not less than the amount of the term loan sanctioned._
_If the immovable property is situated outside the Union Territory of Puducherry, the value of the property offered shall be not less than 150% of the loan amount if it includes land with a building._
_If the property offered outside the Union Territory of Puducherry is only land, its value shall not be less than 200% of the loan amount._
_For units promoted by Women, Scheduled Caste, Scheduled Tribe, or Differently abled persons, the required value of the immovable property offered as collateral security is reduced and fixed at 50% of the loan amount._
_The valuation of the properties to be offered as security must be assessed by engaging Chartered Engineers or valuers from the approved panel of the Corporation._
Eligibility
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Required Documents
- ✦Copy Of the Proceedings Obtained From The Transport Department.
- ✦Copy Of the Ration Card.
- ✦Copy Of the Aadhaar Card.
- ✦Copy Of the Birth Certificate.
- ✦Copy Of the Nativity / Residence Certificate.
- ✦Copy Of the Community Certificate (In Case Of Scheduled Caste / Scheduled Tribe).
- ✦Copy Of The Permanent Account Number Card.
- ✦Copy Of The Bank Pass Book.
- ✦Copy Of The Driving Licence.
- ✦Copy Of The Partnership Deed (In The Case Of Partnership Concern).
- ✦Original Quotation For Vehicle / Chassis / Body Building Works.
- ✦Copy Of the Registration Certificate Book (For Existing Vehicle).
- ✦Consent Letter to Offer Collateral Security To the Extent Required By Pondicherry Industrial Promotion Development And Investment Corporation Limited / Copy Of Documents For The Collateral Security Property.
- ✦Original Title Deed.
- ✦Antecedent Title Deeds.
- ✦Encumbrance Certificate For 30 Years.
- ✦Valuation Certificate Obtained From Approved Panel Valuer Of Pondicherry Industrial Promotion Development And Investment Corporation Limited.
- ✦Field Measurement Book Copy.
- ✦Patta Copy.
- ✦Legal Opinion Report For Collateral Security Property.
✦ Required ◦ Optional
How to Apply
Use the registered email-id to log in. An OTP is sent to the registered email address. The applicant is then required to enter the OTP and click "Login" to access to the customer dashboard. Upon successful login, the customer needs to update their profile by accessing the "Edit Profile" option (top right corner of the dashboard). The applicant must provide all required details. Click "Submit". To initiate the loan application process, the applicant must navigate from the customer dashboard by cl
Quick Info
- Level
- Central Government