- Avail Commercial/ Construction Equipment Finance on an entire range of equipment at attractive interest rates
- Choose among various types of loans that suit your business requirements
- Receive up to 100 % finance for your Commercial/ Construction Equipment*
- Take advantage of some of the best interest rates along with Speedy processing of loan.
- KYC documentation
- Bank statement
- Proof of residence
- Track record- if applicable
- Other documents as required by the bank
Banks and other lenders offer commercial car loan to a broad array of customers to meet their business needs. In other words, this type of vehicle loan can be availed by various segments of customers having diverse profiles. Here is the list of the consumers considered to be eligible for this loan:
- Individuals
- First-time users and buyers
- Small, medium and large-sized fleet owners
- Proprietorship firms and Partnership firms
- Public Limited & Private Limited Companies
- Trusts and societies
- Schools and colleges
- Captive customers and transporters
Salaried and self-employed individuals can co-apply for a commercial vehicle loan with blood relatives or family members. On the other hand, the partners in partnership firms and the directors in private limited companies can jointly apply for this loan.
Note: Sometimes, banks or financial organisations offer special schemes for first-time buyers and fleet operators/owners.
- Last 3 months Salary Slips
- Latest 6 months bank statement
- Form No.16
- Updated ITR for last 2 years
- Photocopy of official ID
Yes. If you do not fulfil the eligibility criteria, you can still avail the loan by applying for the loan with a co-applicant. If the credit and financial profile of your co-applicant is satisfactory, you may be eligible to get a loan. However, it will be at the discretion of the lender.
Yes, you will need a guarantor to avail a commercial vehicle loan. This criterion can, however, be waived off depending on your credit and profile strengths.
The co-applicants on a commercial vehicle loan could be your spouse, sibling, or your parents.
No, you will not be able to sell the vehicle unless the entire loan amount has been repaid. Once the outstanding amount is cleared, the bank/lender will issue a No-Objection Certificate (NOC) post which the vehicle can be sold.
After the payment of the last EMI, the bank will cancel the lien on the commercial vehicle and issue a loan closure letter, Form 35, and a No Objection Certificate (NOC) to the RTO for removing the lien from the RC book. Then a similar NOC will be issued to the insurance firm requesting them to remove the lien from the policy.