|Purpose / Objective||For purchase of buses and other Commercial Vehicles by MSME units subject to availability of all required Licenses / approvals / permits.|
|Eligibility||Individuals or an Association of persons or firms or other legal entities owning not
more than ten vehicles including the one to be financed.
(SME Service Sector)|
|Amount of Loan||Cost of the vehicle including body building wherever applicable, insurance, taxes etc|
|Margin||15% of the project cost.|
|Security||i. Primary: Hypothecation of the vehicle/s to be purchased out of the loan.
ii. Additional : Personal guarantee of a third person acceptable to the bank
For loans up to Rs.10 lakh in MSE sector, no collateral / third party guarantee shall be taken and such loans covered under CGTMSE.