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Commercial Vehicle Loans

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Starting from private vehicles to commercial vehicle each has its contribution in improving the standard of life. Commercial loan is given to self-employed,pvt ltd ,partnership , trust, organization etc. taking loan for small to heavy vehicle for commercial or business purposes. Mainly used for transport purposes.

Features & Benefits

  • You can get a commercial vehicle loan at a low interest.

  • The processing time of a commercial vehicle loan is fast with easy documentation and approval.

  • Flexible repayment tenure- Usually, the repayment tenure offered in commercial loan is up to 5 years. This ensures low EMI amount to the borrowers enabling them to pay off the EMIs without any undue financial burden.

  • Multiple vehicle financing- Whether you are an individual borrower or a fleet owner, you can get finance for a variety of vehicles such as tippers, trucks, buses, trailers, tankers, and other small and light commercial vehicles to grow your business.

  • Simple documentation- Commercial vehicle loans come with a hassle-free and quick documentation process.

Types of Commercial Vehicle Loan

  • New commercial vehicle loan: This type of commercial vehicle loan is provided to the customers for the purchase of new commercial vehicles for business purpose.

  • Old commercial vehicle loan: Old or used commercial vehicle loan are those loans which are offered to purchase all makes of pre-owned or used commercial vehicles. Under this loan, borrowers can expect to get finance against old vehicles which are up to 15 years old.

Commercial Vehicle Refinancing

  • Take over an existing commercial vehicle loan and provide additional finance for it based on eligibility.

Commercial Vehicle Loan Documentation

  • 2 years full set itr’s (proprietorship/partnership/pvt ltd/ltd/trusts, societies).

  • Latest 6 months bank statements.

  • Proprietorship decl., partnership deed,(MOA/AOA), Vehicle quotation copy.

  • Existing vehicle ownership proof.

  • Vehicle details & valuation report.

  • Insurance and RC copy of vehicle.