Banks offer attractive loans for commercial vehicles including 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. Banks have also tied up with leading commercial vehicle manufacturers to provide fast and easy loans to its customers.
Commercial vehicle loan 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.
Want to know how to avail a commercial vehicle loan, Just Give a Missed Call to IndianMoney.com on 02261816111 and ask our experts!
Eligibility Criteria
- 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.
Loan Application Process:
The various stages involved in loan application process are:
- Application
- Discussion on specific requirements
- Evaluation and Approval
- Documentation
- Completion of formalities and disbursement
Documents Required
To avail a Commercial Vehicle Loan you will have to submit the following documents.
- 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
- Bank Statement
- 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.
To understand the eligibility parameters, Just Give a Missed Call to IndianMoney.com on 02261816111 and ask our experts for advice!
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