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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

Interest Rates and Charges

For Loans with tenure upto 36 months

1 Yr MCLR Spread over MCLR Effective ROI Reset
8.50% 1.75% - 6.5% 10.25% - 15.00% No Reset

For Loans with tenure more than 36 months

Effective ROI
10.25% - 15%

Other Charges
Sr. No Type Charges
1
Cheque Bounce / Instrument Return Charges Rs 500/ Instance
2
Cheque / Instrument Swap Charges Rs 500/ Instance
3
Duplicate Statement issuance charges Rs 500/ Instance
4
Duplicate Repayment Schedule issuance charges Rs 500/ Instance
5
Duplicate No Dues Certificate / NOC Rs 500/ Instance
6
Late Payment Penal Interest 2% per month
7
Loan cancellation / Re-booking Rs 1000/ instance
5% of the Principal Outstanding after 180 days from date of disbursement
8
Foreclosure Charges 10 % of the Principal Outstanding upto 180 days from date of disbursement
5% of the Part Payment amount after 180 days from date of disbursement
9
Part Prepayments Charges 10% of the Part Payment amount upto 180 days from date of disbursement
10
Stamp Duty At Actuals
11
Issuance of Credit Report Rs 50/ Instance
*Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)




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