What is 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 Loan Eligibility Criteria
Anyone can apply for an Commercial Vehicle Loan, you need to meet the below criteria:
- Nationality: Resident Indian
- Age: 21 to 60 years
- Income: A stable and regular income source
-
Employement:
For salaried: Minimum 2 years of experience and Must earn minimum Rs 2 lakh per annum.
For self-employed: Minimum 4 years of business continuity and Must earn minimum Rs 1.75 lakh per annum.
- Credit Score: A CIBIL score of 750 or above improves your chances of approval
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 upto 60 months
- Expert Team to help you at every stage of the loan process
- Zero Foreclosure Charges
Commercial Vehicle Loan: 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 |
How to Apply for Commercial Vehicle Loan Online in Ongole
- Visit Web Online CA Website and Select Commercial Vehicle Loan Service
- 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 transferred to your bank account on the successful verification of your documents
Documents Required For Commercial Vehicle Loan
- PAN Card
- Aadhaar card
- Passport
- Driving license
- Election / Voters identification card, NREGA Job card signed by the officer of the State Government
- 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
Note:The banks have the right to ask for any document for the loan sanctioning and verification process.
Calculate your Vehilce Loan EMI
Vehicle Loan EMI Calculator: Benefits & Features
User-friendly: A quick, easy and simple tool to determine your Vehicle Loan EMI based on the loan amount, interest rate, and tenure.
Accurate Results: It gives exact results for your monthly installment amount, which helps in better financial planning.
Customisable: Change the loan parameters (amount, duration and interest rate) and observe the impact on your EMI amount.
Time-saving: The Vehicle Loan EMI calculator online is available 24/7, getting immediate results without having to visit a bank branch.
Interest rate comparisons: The calculator helps you to compare different loan offers.
FAQ's 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 foreclosure 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.