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
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.
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..
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.
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
Most of the banks in India offer commercial vehicle loan without any collateral
Commercial vehicle loan offers the below benefits. This is why you should opt for a commercial vehicle loan:
Commercial Vehicle Loan can be applied by the below categories:
Mentioned below are the documents required for a Commercial Vehicle loan:
Documents for KYC
No, you do not need to show any collateral for security purposes
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