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This kind of systems is encountered in mechanics, taking into account holonomic constraints, and in electrical networks as well. It can happen that the size of the system is very large, so that a model of reduced order is needed, e.g. for the control design.  Many model reduction methods are existing for linear systems; those based on balanced truncation (BT) are classical for systems driven by an ODE. The contribution of the paper is to develop the BT technique to an index-3 descriptor system without forming an equilalent ODE system explicitly (which would have serious drawbacks). It is necessary to solve projected Lyapunov equations, which is done using a method already developed in a previous paper [\\textit{B. \u00d6zg\u00fcr} and \\textit{A. Dem\u0131r}, Rocky Mt. J. Math. 48, No. 7, 2337--2346 (2018; Zbl 1406.34098)]. 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