Auto Taxi Scheme

  • Eligibility

    To acquire Autos, Taxies, E-rickshaws/ Small Commercial Vehicles, Cargo Vehicles etc. (2/3/4 Wheelers) operating on any kind of energy which are permitted by State/ Local authorities etc.

    Eligibility Criteria
    • Individual, partnership, sole proprietorship, private Ltd. / Public Ltd. companies/LLPs.
    • All financed vehicles shall be driven by a person having valid driving license.
    • The borrower shall obtain valid permit to ply the vehicle as per applicable rules of Regional Transport Officer (R.T.O)/ State Transport Department/appropriate local authorities.
  • Finance
    Loan Limit

    Upto ₹ 10.00 Lacs per vehicle subject to aggregate maximum limit of ₹ 50.00 Lacs.


    Priority Sector under Small/Micro/Medium (Service) Enterprises depending upon investment in equipment as per the definition given in MSMED Act 2006.

    No. of Vehicles

    Up to 10 (ten) vehicles per entity irrespective of it being an individual, partnership, sole proprietorship, private Ltd./ Public Ltd. companies/LLPs.

  • Security/Margin
    Security Clause

    Hypothecation of vehicle- Auto / Taxi etc. to be purchased from Bank’s Finance. (The hypothecation clause shall be registered with RTO)

    Collateral security

    Loan upto ₹ 10.00 Lacs

    No Collateral other than mandatory CGTMSE/PMMY Guarantee Coverage.

    Loan amount above ₹ 10.00 Lacs

    100% tangible collateral Security or CGTMSE/PMMY Guarantee coverage


    • In case obtention of equitable mortgage, the personal Guarantee of Owner of property shall be obtained.
    • In case finance to company/LLPs, the personal Guarantees of partners / Directors shall be obtained.
    • The CGTMSE/PMMY Guarantee coverage shall be available as per the terms, eligibility criteria and guarantee fees defined under the scheme and circulated from time to time.

    15% of the ‘On Road Price’ as per the performa invoice of the Dealer (On road price shall include Vehicle Ex-showroom Price, insurance, Registration etc.)

  • Rate of Interest and Repayment
    Rate of Interest
    Loan Limit Rate of Interest
    Up to ₹ 2.00 Lacs One Year MCLR
    Above Rs 2.00 Lacs to ₹ 25.00 Lacs One Year MCLR + 1.00%
    Above ₹ 25.00 Lacs to ₹ 50 lacs MCLR + 0.50% If Credit rating is 1
    MCLR + 1.00% If Credit rating is 2
    MCLR + 1.50% If Credit rating is 3
    MCLR + 2.00% If Credit rating is 4
    MCLR + 2.50% If Credit rating is 5
    MCLR + 3.00% If Credit rating is 6

    Note: 100% tangible collateral Security or CGTMSE Guarantee coverage is mandatory for loan amount above ₹ 10.00 lacs.

    Penal Interest

    2% penal interest shall be charged over the normal rate on the overdue amount and for the period of overdue.

    Process fee

    Up to ₹ 5.00 lacs- Nil *

    Above ₹ 5.00 Lacs:- 0.50% of loan amount with a minimum of ₹500/ + Service tax, if any.

    *As per Circular No. HO/RMD/17/2014-15/177 dated 06.06.14 No processing fee (including upfront fee and processing fee for review of term loan) is to be charged in case of fresh/enhancement/renewal/adhoc/short review for credit limits (including Fund Based and Non Fund based) upto ` 5 Lacs to MSE borrowers.

    Documentation Charges
    Limit Amount
    Up to ₹ 2.00 lacs Nil
    Over ₹ 2.00 lacs to ₹ 10.00 lacs Rs 2500.00
    Over ₹ 10.00 lacs to ₹ 25.00 lacs
    Over ₹ 25.00 lacs to ₹ 50.00 lacs ₹ 10000.00
    Repayment period

    Upto 60 months including moratorium period of 3 months. (Servicing of interest during moratorium period is compulsory).

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