In this article, an efficient long-term novel scheduling technique is proposed for allocating capacitors in a combined system involving distributed generation (DG) along with radial distribution systems (RDS). We introduce a unique multi-objective function that focuses on the reduction of power loss with the maximization of voltage stability index (VSI) subjected to constraints of equality and inequality systems. Loss sensitivity factor and VSI together are involved in pre-identifying the locations of capacitors and DG. Determination of the optimal size of capacitor and DG is performed by utilizing the Bat algorithm (BA) for all the loads in RDS. The conventional approach considers the medium load of (1.0) condition generally, but the proposed method changes the feeder loads linearly, ranging from light load (0.5) to peak load (1.6) with the value of step size as 1%. BA determines the optimal size of the capacitor and DG for each step load. The curve fitting technique is used for deducing the generalized equation of capacitor size and DG for all conditions of the load with the various loading condition sized by distributed network operators (DNOs). Further, various load models such as industrial, residential, and commercial loads have been considered to show the efficiency of the present approach. Validation of results is performed in different scenarios on a 69-bus test system and on a standard IEEE 33-bus system. The results exhibit improved accuracy with less power loss value, superior bus voltage, and stability of system voltage with a higher rate of convergence.