Monthly Payment (EMI)
You can avail a loan to purchase vehicles such as trucks, buses used for commercial purposes. Normally you will have to pay 20% of the cost of the vehicle up front, the remaining is financed by the bank.
You need to have filed two years income tax returns, audited balance sheets and profit and loss account of your business.
Your six months bank statements are very important to avail this loan.
Borrowers use this money for their transportation business. Used to finance Trucks, Buses, Tippers and commercial vehicles.
You get funding even up to 90% of the chassis and 100% in some cases. Down payment is very low.
Customized finance solutions to meet individual needs of the borrowers. Finance available for used vehicles.
Hassle free documentation. Loan processing is quick. Repayment tenure 12-48 months.
You need to be an existing owner of at least two commercial vehicles.
You require a minimum CIBIL score of 700 for the final sanctioning of your loan.
Commercial vehicle finance is a secured loan where collateral against the loan amount is a must. Interest rates on such loans will vary from institution to institution and is also impacted by economic conditions in the country. Banks offer loans for vehicles used for commercial purpose: like trucks, tippers, buses, light commercial vehicles, three wheelers etc.
Range of services offered by banks are like financing of new vehicle and refinancing the used one.
Discussion on specific requirements
Evaluation and Approval
Completion of formalities and disbursement
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The tenure of the loan can range from a period of 12 months to 60 months depending on the product and your requirements.
Loan amount can vary from a few thousands to crores depending upon the specific requirement. Funding can be up to the extent of 100 % of the chassis, body funding can be extended on special requirement & profile.
Interest is charged on a flat rate based on the scheme applicable for the particular product.
You can have the following as your co-applicants depending upon your status: . Blood relatives in case of individuals. . Partners in case of Partnership firms . Directors in case of Private Ltd companies Want to know more about co-applicants, call us on 080 67974000 and learn from us!
Based on your profile and credit strengths the requirement can be waived, however in other cases you may be required to provide a personal guarantor.
No additional collateral required other than the vehicle on which the funding is extended, but in case of partnership firms or private limited companies other collaterals such as "office premises" can be used.
The loans are generally sanctioned within 24 to 48 hours of submission of complete documents. However, the time may vary depending upon the nature of the loan, quantum of funding, documents provided by the customer, etc. To know more about Commercial Vehicle Finance, call us on 080 67974000
Any individual / Partnership firm / company with more than 1 year business experience can apply.
Ownership of a vehicle is not mandatory.
Funding extended to First Time User, Transporters and Captive Consumers.
Proof of Address e.g. Passport, Ration Card, Voters ID etc.
Proof of Experience in the relevant area/field.
Track Record of past loans if availed.
ITR in case of specific category of customers.
Additional documents like the Financial statements for the last two years if applicable
Transportation Contracts to be submitted for higher quantum of funding.
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