The document outlines the loan process for heavy commercial vehicles in India. It details the requirements including that the transport operator must have been in business for 3 years, documents needed such as address proof, identity proof, and business profile. The bank finances up to 75% of the vehicle cost and the process includes submitting an application, an interview, field investigation to verify documents, and checking the applicant's credit history before sanctioning and disbursing the loan.

1. TRANSPORTATION LOAN PROCESS

2. Heavy vehicle loan overview
• Loans for purchase of heavy commercial
vehicles in India are granted to transport
operators. The vehicles purchased are
hypothecated to the bank. The bank finances
up to 75% of the cost of the vehicle. The
customer has to bring in the margin amount
from his own sources. This loan is then repaid
on EMI basis. The Transport Operator in India
should have been in business for the last 3
years.

3. DOCUMENTS
• The borrower and/or the guarantors have to
provide the following documents to the
banks or the lending institutions while
submitting the Heavy Vehicle Loan
Application.

4. • Address Proof : Latest Electricity/Telephone Bill
or Receipt of Maintenance Charges or Valid
Passport or Voter’s Identity Card or
• Identity Proof : Valid Passport, PAN Card, Voter’s
Card, Any other photo identification issued by
Government Agencies.
• Business Proof : VAT/CST Registration No.
• Business Profile on Company’s Letterhead.
• Partnership deed in case of partnership firms.

5. PROCESS
• The following are the sequence of steps taken by the
banks on receipt of completed application forms.
• Application form is accepted and acknowledged.
• Personal interview /discussions is held with the
customers by the bank’s officials.
• Bank's Field Investigation team visits the business
place/work place of the applicant.
(All the documents submitted are verified by the bank
with the originals so as to ensure the authenticity of
the same.)
• Bank verifies the track record of the applicant with
the common information sharing bureau (CIBIL).

6. SANCTION AND DISBURSEMENT