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New Commercial Vehicle Loan

Commercial Vehicle Loan is a financing solution designed for individuals, businesses, and fleet operators to purchase new or used commercial vehicles, such as trucks, buses, vans, and other transport vehicles. This loan helps businesses expand their operations by providing funding with flexible repayment options.

Types of Commercial Vehicle Loans

  • New Commercial Vehicle Loan: For purchasing new trucks, buses, vans, etc.

  • Used Commercial Vehicle Loan: Funding for second-hand vehicles.

  • Fleet Financing: For businesses requiring multiple vehicles.

  • Top-up Loan: Additional funding on an existing loan.

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Acceptance Criteria

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Lenders offer up to 90% of the vehicle’s cost, with repayment tenures ranging from 1 to 7 years. Interest rates vary based on the borrower’s profile, creditworthiness, and business stability. Applicants must meet specific eligibility criteria, including age, income stability, and business vintage.

The loan can be availed by self-employed individuals, proprietorships, partnerships, private limited companies, and transport businesses.

Loan Amount Offer
Loan Amount Offer
Loan up to 90% of the vehicle cost (varies).
Rate of Interest(%)
Interest rates starting from : 8% - 20% p.a.
Tenure
Loan tenure 1 to 7 years.
Documents Required for Loan

Documents Required

For Individuals

  • KYC Documents: Aadhaar, PAN, Voter ID, Passport, Driving License.

  • Income Proof:

    • Last 6 months' bank statement.

    • ITR (if required by lender).

  • Vehicle-related Documents: Proforma invoice, RC copy, insurance.

For Businesses/Firms

  • Business registration documents (GST, trade license, incorporation certificate).

  • Audited financials (profit & loss statement, balance sheet).

  • Income tax returns (last 2-3 years).

  • Bank statements (last 6-12 months).

Golden Features and Benifits

  • High Loan Amount – Get up to 90% of the vehicle’s cost (varies by lender).

  • Flexible Repayment Tenure – Loan tenure ranges from 1 to 7 years.

  • Competitive Interest Rates – Starts from 8% to 20% depending on the borrower’s profile.

  • Funding for New & Used Vehicles – Loans available for both new and pre-owned commercial vehicles.

  • Minimal Documentation – Quick loan approval with basic KYC, income proof, and vehicle documents.

  • Fleet Financing Options – Bulk financing available for transport and logistics businesses.

  • Top-up Loans – Additional funding on existing loans for business expansion.