Commercial Vehicle Loan

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If you wish to apply for a commercial vehicle loan, you normally pay up to 20% of the cost of the commercial vehicle up front. 


The balance amount your bank or financial institution finances.

The balance amount your bank or financial institution can finance. 

Commercial vehicle loans are the type of loans which provide usually to self-employed individuals, partnership firms and trusts as well as organisations, etc. Commercial vehicle loan is opted with the purpose of buying vehicles for business or commercial reasons. People who are engaged in the transportation business usually apply for this type of loan for purchasing tankers, tippers, buses, trucks, small or light commercial vehicles.

Commercial vehicle loans are the type of loans that provided usually to self-employed individuals, partnership firms and trusts as well as organisations, etc. Commercial vehicle loan is opted with the purpose of buying vehicles for business or commercial reasons. People who are engaged in the transportation business usually apply for this type of loan for purchasing tankers, tippers, buses, trucks, small or light commercial vehicles



Types of Commercial Vehicle Loan



New Commercial Vehicle Loan

New Commercial Vehicle Loan

If you wish to buy a new commercial vehicle for different business reasons, you need to apply for a new commercial vehicle. A bank or a financial institution will provide you up to 100% funding depending on the chassis or the base frame value of the commercial vehicle. There are certain banks that offer additional funding for the construction of the body of the vehicle in certain cases depending on your profile.

Old commercial Vehicle loan

Old commercial Vehicle loan

A used or an old commercial vehicle loan is opted by those people who wish to buy any pre-owned or used commercial vehicles. You can get a good amount of finance for an old or a used commercial vehicle. Under this loan, borrowers can expect to get loan for an old or a used commercial vehicle that is up to 15 years old. Usually you will be offered a funding of 90% on the old or used vehicle’s value or depending on the depreciation grid value..

Commercial Vehicle refinancing

Commercial Vehicle refinancing

You can apply for a loan on a vehicle that you already own and which is already free from a loan. Here, the banks or commercial vehicle loan can also offer a commercial vehicle loan on an existing commercial vehicle by refinancing depending on the eligibility.



Commercial Vehicle Loan - Important information





Mentioned below are some of the features of a Commercial vehicle loan:

  • In case you fulfill the bank’s eligibility criteria, then you can avail a Commercial Vehicle Loan at a low interest rate

  • Usually the time to process the Commercial Vehicle Loan is quite quick

  • The documentation process for application of a Commercial Vehicle Loan is not tedious and the approval process too is hassle-free
  • Generally a bank would charge around 2% penalty in case you prepay their loans.
  • Most of the banks in India offer commercial vehicle loan without any collateral





Some of the frequently asked questions on Commercial Vehicle Loans


Commercial vehicle loan offers the below benefits. This is why you should opt for a commercial vehicle loan:

  • Commercial vehicle loan is opted for funding the purchase of a vehicle which usually is used for a business or commercial purposes.
  • Documentation process is swift and hassle-free
  • Your credit score doesn’t have any impact on application for Commercial vehicle loan
  • Commercial vehicle loan can be opted for buying commercial vehicles such as tankers, tippers, buses, trucks, etc. to flourish your business
  • Commercial vehicle loan application is convenient and quick

 

Commercial Vehicle Loan can be applied by the below categories:

  • Proprietor’s
  • First-time buyers of buses and trucks
  • Public Limited Companies
  • Schools and Colleges.
  • Societies
  • Trusts
  • Fleet owners of small, medium and large-sized
  • Partnership firms
  • Private Limited Companies

Mentioned below are the documents required for a Commercial Vehicle loan:

  • Completely filled application and attached pass-port sized photograph
  • Cheque required for processing fee
  • 2 passport-size photographs

Documents for KYC

  • Proof of Age
  • Proof of Identity
  • Proof of Residence
  • Proof of Signature verification

Income proof

  • Past 3 months Salary Slips
  • Past 6 months statement of bank
  • Form No.16
  • Last two years Income Tax Returns for last 2 years
  • Photocopy of your official ID

Experience proof

  • If you are a first-time buyer, you need furnish Valid documents for proving relevant experience

Other Documents

  • Proof of ownership for Existing vehicle
  • Details of your Vehicle
  • Valuation report
  • Trade references
  • Loan repayment track
  • If you are a fleet owner/ operator for a small, medium or a large fleet then you need to mention the fleet size
  • Insurance copy of your commercial vehicle
  • Declaration of Proprietorship, declaration of partnership, board resolution
  • Last two years audited financials if you have a trusts, partnership, private limited companies, societies, etc.
  • RC copy of your commercial vehicle
  • Proof of property ownership

No, you do not need to show any collateral for security purposes







Claims


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Calculate your Needs?


Many questions may come in your mind before deciding on the Loan. ‘How much Loan I would need, how many years I shall invest for, what would be the EMI’s, etc. Loans Calculators are life-savers. They help you know your needs and assess the potential costs. Grey Font brings to you various Loans Calculators and interactive tools to help you calculate your needs. In order to get better results, ensure to enter a value in all the possible fields.



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