New or used commercial vehicle loan

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Commercial Vehicle Finance Fees and Charges

  • Max loan amount
    Max Loan Amount
    Up to 90% finance
  • Mimimum processing fee
    Minimum Process fee*
    Reduce your EMI burden
  • car loan instant approval
    Get Instant Approval
    Fast, Secure and Paperless Process
vehicle loan
INR 500 /-
Web Online CA Fee
04-Apr-2025
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Commercial Vehicle Loan

Expand or start your business with transportation business, travel agency or add more trucks to your delivery fleet, whatever your business we offer new and used commercial vehicle loan at attractive interest rates, with a flexible repayment tenure.

Commercial Vehicle Finance: Fees and Charges

Interest Rate 13% p.a. onwards
Loan Amount Up to Rs.20 lakh
Loan Tenure Up to 60 months
Processing Fee Up to 1.50% of the Loan Amount
Foreclosure Charges 4% of POS (Principal Outstanding) for pre-closures within 1 year from 1st EMI
2% of POS (Principal Outstanding) for pre-closures after 1 year from 1st EMI

Note: If pay your EMI after the due date, interest will be calculated on unpaid EMI for the late number of days and will be added to your next EMI.

Example:
EMI Due Date: 5th
Payment Made On: 15th
Delay: 10 days
Impact: Interest for these 10 days will be added to your next EMI.

Commercial Vehicle Loan - Features and Benefits

Funds for Used Vehicle and Equipment

Attractive Interest Rates

Apply online with New or Used Commercial Vehicle Loan

No hidden charges, complete transparency

Get financing up to 95% on-road price of the vehicle

No guarantor/ security required

No collateral required

Super Fast track approval process

Tenure of up to 60 months

Expert Team to help you at every stage of the loan process

Commercial Vehicle Loan EMI calculator

Vehicle Loan EMI calculator helps you determine the exact monthly installment amount you will need to pay for your Vehicle Loan. The Vehicle Loan EMI based on the loan amount, interest rate, and tenure.

Formula for EMI Calculation is -

Here is the formula to calculate EMI:

E = P*r(1+r)^n/([(1+r)^n]-1)

E = EMI amount

P = Principal loan amount

N = Loan tenure

R = Interest rate

For example, 20 lakh loan for a tenure of 5 years at a 13% interest rate, according to the formula-

E = P*r(1+r)^n/([(1+r)^n]-1)

So, the EMI per month will be Rs. 45,506 for 5 years or 60 months.

Click here to Get Vehicle Loan EMI

Commercial Vehicle Loan Eligibility Criteria

Anyone can apply for a commercial vehicle loan, you need to meet the below criteria

  • Nationality: Resident Indian
  • Age: 21 to 60 years
  • Employement: Salaried, Self-employed, Proprietorships, Partnership firms, Pvt. Ltd. Companies & Public Ltd. Companies are eligible to apply
  • Cibil Score: 750 or above

Document required for commercial vehicle loan

KYC documents: Any one of the following documents can be submitted as identity & Address Proof:

  • Passport
  • Driving license
  • Aadhaar Card
  • Voters Id
  • NREGA Job Card
  • One Passport Size Photograph

PAN Card - For Company/Firm/Individual

  • Latest Salary Slip of 2 months
  • Bank statement of the previous 3 months
  • Registration Certificate and Insurance copy of the vehicle
  • Other relevant documents

How to apply for a commercial vehicle loan

  • Fill a simple online Commercial vehicle loan application form with your basic details
  • Submit the required documents
  • Enter the loan amount that you need for your car
  • Once done, you will receive a call from our team and guide you on the next steps
  • The loan amount will be disbursed in your bank account after document verification

FAQs About Commercial Vehicle Loan

What is a Commercial vehicle loan?

A Commercial Vehicle Loan is a secured loan for new and used commercial vehicles when you need financial assistance for your transport business. It requires no collateral and no guarantor or security required.

Who can apply for a commercial vehicle loan?

We offer our commercial vehicle loan to large, medium and small-size fleet owners, individuals, first time users, partnership firms and proprietorship firms as well as private and public limited companies.

What are the benefits of applying for a commercial vehicle loan online?

You can apply for a commercial vehicle loan online from anywhere and anytime. Online Process saves a lot of time. Once your application is accepted, our team will reach out to you quickly for the next step.

Which documents are required to avail a commercial vehicle loan?

Along with application form you need Passport / Driving License / Aadhaar Card / Voter's ID card / NREGA JOB Card, PAN Card, Bank statement, Salary Slips and vehicle documents.

What are the interest rates on New or Used Commercial vehicle loan?

Commercial vehicle loan interest rates depend on the loan amount and the loan tenure, starting ranges from 11.25% to 18% p.a.

How long will the process for loan approval be?

Loan approval would take 5 working days after submission of the application form and required documents.

What are foreclosure and part-prepayment charges?

You can foreclose your commercial vehicle loan post completion of 12 months with 4% of Principal Outstanding Amount and after 36 months with 2% of Principal Outstanding Amount.

Can I sell my vehicle before I repay the loan?

No, you cannot sell your vehicle unless your loan account has zero outstanding.

What is the maximum loan amount?

The maximum loan amount depends on the customer profile and the product.