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Commercial Loans

Used Commercial Vehicle Loan

Get loans to purchase pre-owned commercial vehicles or refinance existing free vehicles.

 

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High LTV Ratio

Upto 90% on vehicle valuation/depreciation grid value

Low Interest Rates

Starting at just 10.25%

Maximum Tenure

4 years

Loan for Multiple Needs

Loan can be used for the purchase of pre-owned commercial vehicles, or refinance of existing free vehicles

Features and Benefits

Eligibility

Individuals who are eligible for a Used Commercial Vehicle loan:

  • With experience ranging from 3 to 5 years depending on customer profile
  • Minimum 1 year repayment track of commercial vehicles and construction equipment loan or any other loan – up to 50% of a fresh loan request depending on the customer category (Captive-Non Captive)
  • Last 2 years’ audited financials – Compulsory in case of Private/Limited Company, Partnership Firms, Trusts and Societies
  • Ownership of minimum 2 vehicles/assets from at least 1 year

Keep your documents ready

The following documents are required:

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Current repayment track
  • Work in hand/Contract copies
  • Signature verification proof
  • Existing vehicle ownership proof
  • Pro forma invoice
  • Original insurance and RC copy

Post-sanction/Pre-disbursement documentation:

  • Loan Agreement duly signed along with RTO set
  • Post Dated Cheques (PDCs)/ECS Form/Standing Instruction (SI) request
  • Margin money receipt
  • Insurance cover note
  • Vehicle valuation report

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