A Commercial Vehicle Loan is a secured loan that assists you in purchasing any commercial vehicle essential for your transport business.
Are your looking to purchase passenger car cab or taxi and earn with companies like OLA, Uber? Do have plans to start or expand your goods transport vehicles fleet of trucks, tankers, Buses? Then, you have come to the right place. Here you will get all the loan details in one place.
How many types of commercial vehicle loans are there?
- New
- Used/ refinance/ re-purchase finance
- Balance transfer
- Top-up loans
Which type of Vehicle you can purchase?
Get commercial vehicle finance on wide range of vehicles – ranging from 1.5-tonne to 49-tonne GVW (Gross Vehicle Weight):
Cab- Passanger Car- 5/7 seater
Buses
- Intracity
- Intercity
- School and college bus
- Staff bus
Trucks
- Small truck
- Light truck
- Medium truck
- Heavy truck
- Customised truck
Tankers
- Milk tanker
- Water tanker
- Oil tanker
- Chemical tanker
- Petroleum tanker
- Gas tanker
Tippers
Transit mixers
Tempos
Which manufacturer is your best for you?
Purchase your commercial vehicle from some of the best Indian automobile companies
- Tata Motors
- Eicher Motors
- Volvo
- Mahindra Navistar
- MAN
- AMW
- Mahindra & Mahindra
- Swaraj Mazda
- Bajaj Tempo
- Ashok Leyland
Who Can Avail Commercial Car Loans?
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.
Benefits of a Commercial Vehicle Loan
Commercial vehicle loan stands out to be the most preferred option for borrowers who are either intending to buy their first commercial vehicle or planning to add a new vehicle to their existing fleet of commercial vehicles due to the plethora of benefits that it offers. Some of the main features of commercial vehicle loans are mentioned below:
- Flexible Repayment Tenure: Usually, the repayment tenure offered in commercial car loan is up to 5 years. This ensures low EMI amount to the borrowers enabling them to pay off the EMIs without any undue financial burden.
- Multiple Vehicle Financing: Whether you are an individual borrower or a fleet owner, you can get finance for a variety of vehicles such as tippers, trucks, buses, trailers, tankers, and other small and light commercial vehicles to grow your business.
- Easy Processing: The process of applying for a commercial vehicle loan is easy, fast and convenient. After the submission of all the required documents, banks usually take 4-5 days to process a new or used vehicle loan application.
- Simple Documentation: Commercial vehicle loans come with a hassle-free and quick documentation process. The users can easily upload all the mandated documents online without visiting the bank directly.
- No Credit-Score Compulsion: Unlikely other loans, commercial vehicle loans don’t require any existing credit score. Borrowers having low or even zero credit score can avail a commercial vehicle loan with ease.
- Caters to Multiple Needs: The loan schemes are designed to cater to the borrowers’ diverse requirements including new and used vehicle financing, top up on existing loan and refinancing of loans/vehicles for working capital.
- Customised Solutions: In order to meet the specific requirements of the customers, every commercial vehicle loan scheme is customised according to the vehicle type, loan duration and financial ability of each individual borrower.