If you are looking for a Commercial Vehicle Loan or Construction Equipment Loan for your business needs, then you’ve come to the right place. Axis Bank offers the most competitive interest rates for commercial vehicle and construction equipment loans
to give you the maximum benefits. There are some nominal charges associated with the Commercial Vehicle Loan and Construction Equipment Loan, which are easy to understand and completely upfront. You can find the interest rates for commercial vehicle
and construction equipment loan below.
Interest Rates and Charges
For Loans with tenure up to 36 months
| 1 Yr MCLR | Spread over MCLR | Effective ROI | Reset |
|---|
| 9.25% | 1.5%-5.5% | 10.75%-14.75% | No Reset |
For Loans with tenure more than 36 months
| Effective ROI |
|---|
| 10.75%-14.75% |
| Type and Charges |
|---|
| Sr. No. | Type | Charges |
|---|
| 1 | Cheque Bounce / Instrument Return Charges | Rs. 339 per instance |
|---|
| 2 | Cheque / Instrument Swap Charges | Rs. 500 per instance |
|---|
| 3 | Duplicate Statement Issuance Charges | Rs. 250 per instance |
|---|
| 4 | Duplicate Repayment Schedule Issuance Charges | Rs. 250 per instance |
|---|
| 5 | Duplicate No Dues Certificate / NOC | Rs. 50 per instance |
|---|
| 6 | Penal Charges | ** Financial Default: 8% p.a. above applicable interest rate on the overdue amount (subject to the aggregate not exceeding 24% per instance) |
|---|
| 7 |
Foreclosure/ Part payment closure | *** 5% of Principal Outstanding (In case of Micro and Small Enterprise (MSE) customers, no prepayment charges are applicable if loan amount is up to Rs. 50 lakhs under Fixed rate loans) |
|---|
| 8 | Stamp Duty | At Actuals |
|---|
| 9 | Issuance of Credit Report | Rs. 50/- per instance |
|---|
| 10 | Processing Fee | CV: Minimum of Rs 7,500, up to 1.5% of the Loan amount
CE: Minimum of Rs 7,500, up to 1.5% of the Loan amount |
|---|
| 11 | Loan cancellation/Re booking charges | Rs. 550/- per case |
|---|
| 12 | Documentation charge | Rs 500/- per instance |
|---|
| 13 | RC Collection charge | Rs 200/- per instance |
|---|
| 14 | ROC charge creation fee (Only for company cases) | Rs 2500/- per instance |
|---|
| 15 | Valuation charges: | Valuation charges to be collected at Actuals
Used Commercial Vehicle (Standard assets)- Rs.765/-* per asset
Used Construction Equipment (Standard assets)- Rs.885/-* per asset
For all Non Standard assets- Valuation charges to be collected at actuals* Inclusive of GST |
|---|
*Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)
**There shall be no capitalisation of Penal Charges; Financial Default includes all types of payment or financial defaults/irregularities with respect to your Loan Account
***In case of Micro and Small Enterprises (MSE) customers, no prepayment charges are applicable if loan amount is up to Rs 50 Lakhs under Fixed rate loans. |
For further details, please click here For Loans with tenure more than 36 months
