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Commercial Vehicle Loan

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Commercial Vehicle Loan

Commercial vehicle loans are loans offered to borrowers, usually self-employed individuals, trusts, partnership firms, organisations, etc., for the purchase of vehicles for commercial or business purposes.

We ensure our customers have the most seamless borrowing experience possible.

Benefit from competitive interest rates and flexible repayment options for new and used vehicles and equipment from major manufacturers.

Interest Rates

The interest rate of commercial vehicles varies from bank to bank. The amount is fixed by the lenders on the basis of the customer and the segment of vehicle. After evaluating the documents and the profile of any individual borrower, the bank/lending entity confirms the final rate of interest to be charged for that profile.

Eligibility Criteria For Commercial Vehicle Loan

  • Salaried borrowers should have more than 2 years of employment stability and self-employed individuals must have at least 2 years of business experience.
  • Private/Limited companies, partnership firms, trusts, societies and associations must be in existence for minimum 2 years.
  • Fleet operators and other existing vehicle owners require to have 1 to 3 years of vehicle ownership proof of one or two commercial vehicles.
  • Private/Limited companies, partnership firms, trusts & societies Companies need to provide 2 years of audited financials.
  • Internal/external guarantor needed sometimes in case of individuals, first-time buyers and fleet operators/owners.
  • The customers need to have minimum residential stability of 2 years. *(Borrowers with lesser stability are subjected to certain terms and conditions).

Documents Required For Commercial Vehicle Loan

  • 2 passport-size photographs
  • Age proof- Aadhaar Card/PAN Card/Voter's ID card/Driving License/Passport (Any one)
  • Identity proof- Aadhaar Card/Voter's ID card/Driving License/Passport (Any one)
  • Residence proof- Rental agreement/Voter's ID Card/Passport/Ration card/Tel bill or Elec. Bill/Trade License/ Sales Tax Certificate (Any one)
  • Signature verification proof-Driving License/PAN Card/Registered Sale Deed/Govt. ID Card (For Govt. employees) (Any one)
  • Last 3 months' Salary Slips
  • Latest 6 months bank statement
  • Valid documents to prove relevant experience (In case of first-time buyers)
  • Existing vehicle ownership proof
  • Vehicle details & valuation report
  • Insurance and RC copy of vehicle

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