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Commercial Vehicle Scheme

  • Individuals, proprietorship/partnership firm/ Limited company, trust, society, associations owning and operating or proposing to own and operate transport vehicles for carrying passengers or goods on hire.
  • The borrower (s) hold the necessary driving license or engage driver (s) possessing valid license to operate the type of vehicle for which credit is sought.
  • The borrower should submit proof for permanent residential address.
  • The borrower (s) should have been granted a permit by an appropriate authority to ply vehicle(s) for passengers or goods traffic for hire.
  • The borrower should have sufficient net worth to pay for the margin and initial recurring expenses like registration, Insurance, etc. In case where the borrower does not meet this requirement, a co-borrower having sufficient net worth may be included.
  • Any one of the borrower or guarantor should have minimum two years experience in relevant transport business
Purpose For purchase of New Vehicles like all type of Buses, Trucks, Tankers, Tempos, Taxi, Four/ Three wheelers, battery operated rickshaws and any other commercial Public Road Carrier subject to the condition that the vehicle is commercially approved by the competent authority.
Quantum of Loan

For new business entities: - Maximum Rs.50.00 lac

For existing business entities: - Maximum Rs.2.00 crore (Loans above Rs.2.00 crore may be considered out of this policy and may be considered as per the guidelines vide loan policy of the Bank.)

Margin 15% flat margin on cost of project that includes, cost of vehicle (pre-assembled/ cost of chassis/ cost of body), onetime registration charges & Road Tax, and insurance for First year.
DSCR Minimum 1.75
Rate of Interest Please click here For rate of interest

Repayment of loan

Maximum : 5 Year

Flexible repayment : Ballooning of installment may be done.

Moratorium Period 3 Months over & above the overall repayment period

Processing Fee Please click here For Processing fee
Security Hypothecation of the vehicle to be purchased.
Collateral Security

Loan amount up to Rs. 2 lac: Collateral is not mandatory.

Loan amount above Rs. 2 lac: 100% Collateral required except in cases covered under CGTMSE.


Third party guarantee / guarantee of earning family member for cases up-to Rs.2.00 lac be obtained.

For cases above Rs.2.00 lac Guarantee may be waived inthe cases covered under CGTMSE or where collateral is offered.

Guarantee of the property owner (if other than borrower) must be obtained in all the cases where collateral is offered.

Prepayment The borrower may opt to prepay / adjust the loan from his own verifiable legitimate sources or genuine sale without attracting any penalty, except take-over of the loan by other bank/ FI/ NBFC, which would attract prepayment @1% of the balance loan amount.
For Hot Listing (Blocking)
ATM/Rupay Cards ATM/RuPay Card
For Balance Enquiry
(By Missed Call) 7039035156 (Toll Free)
All India Toll Free 1800-419-8300