Commercial Vehicle Loan
Commercial Vehicle Loan
A commercial vehicle loan, also known as a commercial auto loan or business vehicle loan, is a type of financing designed specifically for businesses to acquire vehicles used for commercial purposes. These loans are used to purchase or lease vehicles such as trucks, vans, delivery vehicles, and other commercial-use automobiles.
Business Type
partnerships, limited liability companies (LLCs), and corporations – Creditworthiness – Business Financials
Age Criteria
Minimum 18 years and maximum 65 years.
Documents Needed
KYC
- Purpose of Loan
- Vehicle Type
- Use of Vehicle
- Personal Guarantees. Duly filled application form with attached photograph
- 2 passport-size photographs - Cheque for processing fee. KYC documents
- Age proof
- Identity proof
- Residence proof
- Signature verification proof
- Driving License/PAN Card/Registered Sale Deed/Govt. ID Card
Income Proof
- Last 3 months' Salary Slips, Latest 6 months bank statement
- Updated ITR for last 2 years
- Valid documents to prove relevant experience
- Existing vehicle ownership proof
- Vehicle details & valuation report
- Insurance and RC copy of vehicle
- Trade references
- Property ownership proof
- Proprietorship decl., partnership deed, (MOA/AOA), board resolution & 2 years audited financials
- Loan repayment track.
Our Benefits
- Flexible Repayment Tenure
- Multiple Vehicle Financing
- Easy Processing
- Simple Documentation
- No Credit - Score Compulsion
- Caters to Multiple Needs