| 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. |
| Repayment | 60 EMIs |
| 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.
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