Commercial Vehicle Loan
- "Accelerate Your Business Dreams."
A commercial vehicle loan offers an ideal solution for anyone who owns a transport business. We offer new and used commercial vehicle loan at attractive interest rates, with a flexible repayment tenure.Â
Benefits of Commercial Vehicle Loan
- Our commercial vehicle finance caters to a wide variety of customers which include:
- Large, medium and small-size fleet owners
- Individuals
- First time users
- Partnership firms and proprietorship firms
- Private and public limited companies
- New and Used Commercial Vehicle Loan for Different Vehicles: Based on your business requirements, we provide a commercial vehicle loan for a variety of vehicles such as bus, tempo, cargo vans, trucks, light and heavy commercial vehicles. Our commercial vehicle finance is offered for both new as well as second hand vehicles.
- Flexible Tenure up to 60 Months: We offers a flexible tenure of up to 60 months based on your eligibility and financial profile.
- Simple Documentation and Easy Processing: Experience a minimal and quick documentation with our commercial auto financing application process.
Characteristics of Commercial Vehicle Loan
- Flexible Repayment Terms: We offer flexible repayment terms to accommodate the cash flow of the business, such as longer loan terms or seasonal payment schedules.
- Interest Rates: Interest rates for commercial vehicle loans are lower than personal auto loans, as they are considered less risky due to the vehicle’s commercial use.
- Vehicle Eligibility: Commercial vehicle loans are typically available for a wide range of vehicles used for business purposes, including trucks, vans, and other commercial vehicles.
Commercial Vehicle Loan - Required Documents
| Document Type | Salaried/Self Employed Individuals | Proprietorship and/or Partnership Firm | Private and/or Public Limited Companies |
| ID and Signature Proof | Copy of Voter’s ID/Driving Licence/Aadhaar Card/PAN Card/Passport | Copy of Voter’s ID/Driving Licence/Aadhaar Card/PAN Card/Passport | Copy of Voter’s ID/Driving Licence/Aadhaar Card/PAN Card/Passport |
| Age Proof | PAN Card | PAN Card | PAN Card |
| Address Proof | Copy of Ration Card/Passport/Electricity Bill | Copy of Ration Card/Passport/Electricity Bill | Copy of Ration Card/Passport/Electricity Bill |
| Income Proof | Copy of Income Document like Salary Slip/Form 16/ITR with Computation of Income | Copy of Income Document like Salary Slip/Form 16/ITR with Computation of Income | Copy of Income Document like Salary Slip/Form 16/ITR with Computation of Income |
| Asset Documents | Photocopy of Vehicle RC Book and Insurance Certificate | Photocopy of Vehicle RC Book and Insurance Certificate | |
| Other Documents | Bank Statement or Passbook | Bank Statement or Passbook, Partnership deed with a declaration for partnership firm | Bank Statement or Passbook, MOA/AOA with board resolution for borrowing |
EMI Calculator for Personal Loan
A personal loan is a loan taken by an individual to fund any personal expense like, for example, a wedding, to make renovations to the home or even for a vacation. Unlike many other kinds of loan, there is no restriction on how the borrowed amount is finally used – the borrower has full freedom to use the money for any purpose they want.
Calculate Your Personal Loan EMI Online
Personal loan is the most commonly availed loan product in the Indian debt industry. Over 78% of all credits availed in India fall under this category.
- It enables you to plan your repayment strategy beforehand by supplying you with accurate information.
The formula to calculate EMI for a Personal Loan is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P represents the principal loan amount
- R represents the monthly interest rate, calculated by dividing the annual rate by 12 and converting it to a decimal.
- N denotes the loan tenure measured in months.
Eligibility required for Commercial Vehicle Loan
- 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).
For old commercial vehicles
- Borrowers applying for a commercial car loan for old vehicles need to fulfil the following criteria along with the basic ones:
- Customers need to have relevant experience of 3 to 5 years depending on individual profile.
- Minimum 1 year of ownership of at least 2 vehicles.
- At least 1-year repayment track of commercial vehicles
A Commercial Vehicle Loan is an secured loan that assists you in purchasing any commercial vehicle essential for your transport business. Since it requires no collateral, you can get commercial vehicle loan online at attractive interest rates and flexible tenure options. HDB Financial Services offers commercial vehicle loan with quick documentation and instant approval that makes it an ideal solution in times of financial requirement for your transport business.
Abiding by the motto of #ReimaginingOpportunities, we value your financial needs and stand by you to offer a quick commercial vehicle finance with the following advantages:
- i. Best commercial vehicle loan for different vehicle options
- ii. Commercial finance for both, new and second hand commercial vehicles
- iii. Top up on existing commercial vehicle loans
- iv. Flexible tenure up to 60 months
- v. Customized financing solutions for individual requirements
- vi. Simple documentation and easy processing
- vii. Assistance for purchasing the commercial vehicle
Our commercial vehicle finance is available for large, medium and small-size fleet owners, individuals, first time users, partnership firms and proprietorship firms as well as private and public limited companies.
The minimum salary required to be eligible for a personal loan is Rs. 15,000 per month. This means that if you earn less than Rs. 15,000 per month, you may not be eligible for a personal loan.