Vehicle Loans


Individuals/ Proprietorship/ partnership Firms & Limited Companies owning/ operating or proposing to own/ operate 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.

Ownership of a pre-owned vehicle is not mandatory.

Maximum age of applicant at loan maturity: 66 years.

Minimum period of existence in case of firms & companies: 2 years in business.

Commercial Driving License (for self-operating by individuals).


The finance under this scheme shall be available for purchase of fresh commercial vehicles OR new chassis and/ OR fabrication for commercial purpose. The commercial vehicles will include passenger buses, trucks, tippers, oil & gas tankers, taxis, mini buses, light commercial vehicles, tempo, auto rickshaws, load carriers and any other mode of transportation under public carrier permit. The models/ makes of vehicles to be financed should be approved by The Transport Deptt. of J&K State Government for commercial purposes.


Maximum 75% of the unit cost i.e. 75% of the chassis & 75% of the fabrication cost (approved/ fixed by the bank), wherever applicable OR invoice value, whichever is lower.


Atleast 25% of the unit cost i.e. 25% of the cost of chassis & 25% of the fabrication cost (wherever applicable) as per the invoice value, whichever is lower.



Hypothecation of vehicle to be purchased. Bank’s lien/ name as hypothecatee to be got noted in the books of the RTO concerned and also in the Registration Certificate.


Up to Rs.30.00 Lakh - 3rd party guarantee of two persons of sound financial net means & good for the loan amount.

Above Rs.30.00 Lakh - Mortgage of immovable property of value not less than 50% of the loan amount.


Maximum repayment period of 72 months including an initial moratorium of 2 months. The repayment of loan along with interest shall be in 70 Equal Monthly Installments. However, insurance and other cost shall be borne/ paid by the borrower separately.

Maximum age of the applicant at loan maturity shall be 66 years.


0.50% of the loan amount

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