Commercial Vehicle Loan

Want a vehicle for commercial or business purpose ? Get one through our commercial vehicle loan scheme


  • Purchase of new commercial vehicle
  • Purchase of second hand commercial vehicle
  • Takeover of commercial vehicle loan from other banks

Who Can Borrow

  • Individuals (Salaried employees* / businessmen)

*Salaried persons with a minimum salary of Rs 10,000/-per month and confirmed service of at least two years

  • Commercial establishments i.e. partnership firms/ Pvt. Limited co./Limited Cos./ any other commercial organization, registered societies etc

Loan Amount

  • 85% of the cost of the vehicle (ex-showroom cost + insurance + registration charges + standard accessories)
  • Maximum Rs. 100,00,000/-
  • Minimum Rs. 50,000/-


  • 15% of the cost of vehicle (ex-showroom cost + insurance + registration charges + standard accessories).


  • Maximum 84 months*

* In case of old vehicle maximum period in case of old vehicle is calculated by substracting the month and year of make of vehicle from 84 months.
* In case of takeover loan the repayment period shall not exceed the residual repayment period of the transferor bank.

Rate Of Interest

  • The rate of interest as decided by the bank from time to time would be applicable


  • Hypothecation of vehicle.


  • Two guarantors acceptable to the bank.

Processing Charges

  • 1% of the loan amount + GST

Share Holding

  • 1.5% of the loan amount.

Documents Required

  • Photograph , PAN and KYC documents of borrower and guarantor
  • Income Proof (a) In case of salaried persons, salary slip for last three months, bank statement for last six months, ITR for three years and a certificate from the employer that no disciplinary action is pending against the employee. (b) In case of businessman, Balance Sheet of last three years, ITR of last three years, Bank statement of business a/c for last six months.
  • Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
  • Proforma Invoice of the dealer.
  • Valuation certificate from the reputed garage / valuer for second hand vehicle
  • Statement of a/c and classification report/ conduct of the a/c from the transferor bank in case of takeover loan

To apply for Commercial Vehicle loan, please download the below listed form and submit it to your nearest branch