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.