Purchase of Used Commercial vehicles like Trucks, Tippers, Buses, Mini Buses, light commercial vehicles, pickups, three wheelers (cargo), auto rickshaws, etc of any approved make or model not to be more than 6 years old as on the date of finance.

  • 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.
  • 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.

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

25% of valuation amount.

Primary: Hypothecation of vehicle to be purchased. 

Collateral: Upto  Rs. 10 lacs:  Third party guarantee of two persons.
                   Above Rs. 10 lacs: Mortgage of immovable property equivalent to 100% of sanctioned loan amount.

0.5% of the loan amount subject to a minimum of Rs. 500.

  • 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.

Upto 4 years: Applicable MCLR+4.25% (Fixed)

Above 4 years: Applicable MCLR+4.75% (Fixed)

Click here for rate of Interest

(Conditions Apply)