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HARCO BANK हरको बैंक

THE HARYANA STATE CO-OPERATIVE APEX BANK LTD

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Drive Green with Harco Bank's E-Vehicle Loan

Power your journey to a sustainable future. Our Green Loan scheme offers easy and affordable financing for E-Rickshaws and E-Loaders.

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E-Rickshaw & E-Loader Loan Details

Condition Details
Maximum Limit Term Loan of maximum **85% of invoice value** of the vehicle. No maximum ceiling.
Eligibility

Individuals, transport operators, associations, Sole Proprietors, Partnership firms, Private Ltd. Companies, Public Ltd. Companies desirous of owning transport vehicle(s) (E-Rickshaw/Loader) for carrying passengers or goods on hire, or private usage, are eligible.

  • Applicability is confined only to **Chandigarh & Distt. Panchkula**.
  • Borrower(s) must hold necessary driving license or engage driver(s) with valid license.
  • Eligibility age for individuals: **18 years to 62 years**.
  • Borrower must have a **CIBIL score of 650 or above**.
  • Vehicle must be allowed to ply commercially as per State laws and be indigenous.
  • Vehicle must be registered with State Appropriate Authority.
Purpose To assist transport operators (new entrants) and create employment opportunities for micro borrowers, specifically for E-Rickshaws and E-Loaders.
Repayment Period Maximum period of **36 months** by monthly instalments or up to 62 years of age, whichever is earlier.
Margin Minimum **15%** of the invoice cost / proforma invoice / quotation of the vehicle.
Security Primary: Vehicle purchased to be hypothecated to the bank. Bank's name must be mentioned on the RC (Registration Certificate).

Collateral: 3rd party guarantee acceptable to the Bank and the borrower will also provide at least one Post Dated cheque as security for the entire loan amount sanctioned.
Copy of RC must be submitted within one month; otherwise, a penalty of Rs.2500/- p.m. (plus GST) will be charged.
Rate of Interest **ROI: 10.75%** as on 20-05-2025 (subject to change). Borrower required to exercise fix rate of interest option at loan application submission.
Penal Interest **3% p.a.** on default amount over and above the normal rate of interest.
Pre-payment Charges **2%** of the outstanding principal amount if prepaid before 6 EMIs. **Nil** thereafter.
Processing Fee **Rs.1000/-** per loan case plus applicable taxes. CGTMSE Fee (as applicable) will be charged in addition. (Fees to be obtained before loan disbursement).
Cheque / ECS Bounce Charges **Rs. 250/-** (Plus taxes if any) per bounced cheque/ECS.
Insurance Vehicle must be **comprehensively insured** in favor of the bank and renewed annually. Borrower is responsible for lapses; un-renewed insurance makes the entire loan immediately payable.

Documents Required for E-Vehicle Loan

To streamline your application process, please prepare the following documents:

A. For Customers with Own House:

  • ID Proof: Aadhaar Card, Voter Card, PAN Card, or any identity card issued by a Govt. Dept. (Any one)
  • Income Proof: Bank passbook (at least for last 6 months), OR Salary slips (duly stamped and verified by employer), OR 3 Income Tax Returns for preceding 3 years with copy of PAN Card.
  • Residence Proof: Electricity Bill or copy of house ownership documents. (Any one)
  • Proof of Age: Aadhaar Card, Voter Card, PAN Card, Matriculation or Higher Secondary certificate. (Any one)
  • Other documents: 4 Signed Cheques, 3 Passport Size Photos.

B. If the Customer Does Not Have Own House:

In addition to the documents listed in point (A), the following are required:

  1. **1 Guarantor** having own house (with evidence of ownership of house).
  2. Guarantor's KYC documents like Aadhaar Card, PAN Card, 2 Photos.

General Loan Conditions

  • **Disbursement:** Draft representing vehicle cost will be delivered to the authorized dealer/seller. An undertaking from the dealer is required that in case of booking cancellation, proceeds will be refunded directly to the Bank. Borrower must deposit the margin amount; the bank will pay the full vehicle price to the seller.
  • Driving license of the borrower may not be insisted upon; an undertaking that the vehicle will be driven by a valid license holder is sufficient.
  • Loan disbursement will be as soon as possible from sanction date. KYC norms for borrower(s) and guarantor(s) must be complied with.
  • Borrower must be a resident of **Chandigarh or District Panchkula**, and aged 18 years or above. Bank will obtain permanent and present address proof.
  • Loan sanction is at the **sole discretion of the bank**.
  • **Borrower is required to:**
    • Compulsorily open a Saving/Current account with Harco Bank.
    • Must use the bank's QR Code linked with their account.
    • A recurring deposit account (RD) with a monthly deposit of Rs 500/- or more will also be opened.
    • Personal accident insurance will be provided by the bank at a subsidized premium.
    • With borrower's consent, bank will provide subsidized loan insurance and vehicle insurance.
  • Statement of account with any bank for the last 6 months must be obtained to ascertain account conduct.
  • Immediate contact will be made with the borrower and guarantor on delay/default of any installment.
  • Action under Securitization Act and/or u/s 138 of Negotiable Instrument Act/Payment and Settlement Act may be taken.
  • The **CIBIL score of borrower and guarantor should not be below 650**. All CIBIL/Credit Rating Agencies guidelines will be followed.
  • A clause in sanction letters will state that any third-party liability due to wrong information from the borrower is their responsibility.
  • Borrower and guarantors must become associate members of the bank as per bye-laws.
  • Borrower and guarantors are jointly and severally liable for the loan amount.
  • All disputes will be disposed of as per Haryana Cooperative Societies Act, 1984, and rules, under the sole jurisdiction of courts at Chandigarh/Panchkula.
  • Any other necessary information/document may be required.

Ready to Go Green?

Take the first step towards owning your E-Rickshaw or E-Loader with Harco Bank's attractive Green Loan. Contact us today to learn more or apply!

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