To provide finance for purchase of Used Commercial vehicles.

  • Individuals / Proprietorship/partnership firms  & Limited companies owning & operating or proposing to own & operate by himself/itself transport vehicles for carrying passengers or goods on hire.
  • The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
  • Ownership of a vehicle is not mandatory.
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years.
  • Minimum experience in the business for individuals: 2 years.
  • Minimum period of existence in case of firms & companies: 2 years in business.
  • Borrower should reside within the service area of the branch.


Rs. 7.50 lacs/ vehicle with an aggregate limit of Rs 15 lacs per borrower.

25% of valuation amount.

  • Primary:
    • Hypothecation of vehicle to be purchased. Banks name as hypothecate to be got noted in the books of the RTO and also the Registration Certificate.
  • Upto & Inclusive Rs.10.00 lacs :
    • No collateral security and/or 3rd party guarantee and/or CGTMSE Cover.
  • Collateral:
    • Above Rs.10.00 lacs and upto & Inclusive Rs.15.00 lacs: Mortgage of immovable property equivalent to 100% of initial loan amount.
  • Upto Rs. 20000/- :                               NIL
  • Upto Rs.20000/- to Rs. 2.00 Lakh:      0.20% of the loan amount Plus applicable GST Min: Rs. 300
  • Above Rs.2.00 Lakh to Rs.100 Lakh : 0.25% of the loan amount Plus applicable GST



  • Minimum of 6 months.
  • Maximum of 60 months for vehicles having age less than 3 years.
  • Maximum of 48 months for vehicles having age of 3 years to 6 years.

No prepayment charges.

    • For a period up to 4 years :             APPLICABLE MCLR+4.25% Fixed
    • For a period exceeding 4 years:      APPLICABLE MCLR+4.75% Fixed

    Click here for rate of Interest

(Conditions Apply)