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Commercial Vehicle Loans Are Loans Offered To Borrowers, Usually Self-Employed Individuals, Trusts, Partnership Firms, Organisations, Etc., For The Purchase Of Vehicles For Commercial Or Business Purposes. These Car Loans Are Availed By Those Who Are Involved In The Transportation Business. A Commercial Vehicle Loan Can Be Used To Purchase Buses, Trucks, Tippers, Tankers, Light And Small Commercial Vehicles.

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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

Commercial Vehicle Loan Form

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Commercial loans can be availed for a variety of commercial vehicles which are used at different places to serve various purposes. Based on the type of vehicles these loans are sought for, commercial vehicle finance is differentiated in three broad categories, namely:
New commercial vehicle loan This type of commercial vehicle loan is provided to the customers for the purchase of new commercial vehicles for business purpose. Banks offer up to 100% funding on the chassis or base frame value of the vehicle. Some of the banks provide additional funding for the body construction of the vehicles in selective cases based on the borrower’s profile.
Old commercial vehicle loan Old or used commercial vehicle loan are those loans which are offered to purchase all makes of pre-owned or used commercial vehicles. Under this loan, borrowers can expect to get finance against old vehicles which are up to 15 years old. Most of the banks provide up to 90% funding on the used vehicle’s value or depreciation grid value.
Commercial vehicle refinancing Under commercial vehicle refinancing, banks either offer loan on an existing vehicle which is free of loan or take over an existing commercial vehicle loan and provide additional finance for it based on eligibility. While some borrowers can reduce the monthly EMIs of their existing loan and free up some cash by refinancing an existing loan at lower interest rates, some others can get direct finance on their free vehicles to meet the working capital needs.

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 amazing benefits offered by these type of loans are as follows:

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.
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For new commercial vehicles
Salaried borrowers should have more than 2 years of employment stability and self-employed individuals must have at least 2 years of business experience.
Private/Limited companies, partnership firms, trusts, societies and associations must be in existence for minimum 2 years.
Fleet operators and other existing vehicle owners require to have 1 to 3 years of vehicle ownership proof of one or two commercial vehicles.
Private/Limited companies, partnership firms, trusts & societies Companies need to provide 2 years of audited financials.
Internal/external guarantor needed sometimes in case of individuals, first-time buyers and fleet operators/owners.
The customers need to have minimum residential stability of 2 years. *(Borrowers with lesser stability are subjected to certain terms and conditions).
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Duly filled application form with attached photograph
2 passport-size photographs
Cheque for processing fee
Personal loans range from Rs. 1,00,000 to Rs. 40 lakhs depending on income, obligations, repayment history (if applicable) and repayment capacity.
KYC documents
Age proof- Aadhaar Card/PAN Card/Voter’s ID card/Driving License/Passport (Any one)
Identity proof- Aadhaar Card/Voter’s ID card/Driving License/Passport (Any one)
Residence proof- Rental agreement/Voter’s ID Card/Passport/Ration card/Tel bill or Elec. Bill/Trade License/ Sales Tax Certificate (Any one)
Signature verification proof-Driving License/PAN Card/Registered Sale Deed/Govt. ID Card (For Govt. employees) (Any one)
Income proof
Last 3 months Salary Slips
Latest 6 months bank statement
Form No.16
Updated ITR for last 2 years
Photocopy of official ID
Experience proof
Valid documents to prove relevant experience (In case of first-time buyers)
Other Documents (As applicable)
Existing vehicle ownership proof
Vehicle details & valuation report
Insurance and RC copy of vehicle
Fleet list details (In case of small, medium, and large fleet operators/owners)
Trade references (In case of first-time buyers, fleet operators/owners & experienced borrowers)
Property ownership proof (In case of farmers)
Proprietorship decl., partnership deed, (MOA/AOA), board resolution & 2 years audited financials (In case of Private/Limited companies, partnership firms, trusts & societies)
Loan repayment track (if any)
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