New Commercial Vehicle Loan

For purchasing brand-new vehicles for commercial use.

Used Commercial Vehicle Loan

For purchasing pre-owned or second-hand commercial vehicles.

Top-up Loan

An additional loan amount on an existing commercial vehicle loan.

Refinance Loan

To refinance an existing vehicle loan, often at better interest rates.

Goods Carriers

Trucks, tippers, trailers, pickup vans.

Passenger Vehicles

Buses, taxis, school vans, tourist vehicles.

Special-Purpose Vehicles

Ambulances, refrigerated trucks, tankers, construction vehicles.

Individual Applicants

Must be at least 21 years old and have a stable income source.

Business Entities

Firms, companies, or transport operators with a minimum of 2-3 years of operational experience.

Self-Employed Individuals

Must demonstrate income proof and business stability.

Credit Score

A good credit score (650 and above) increases approval chances.

Identity Proof

Aadhar card, PAN card, passport.

Address Proof

Utility bill, rental agreement, or property documents.

Income Proof

ITR filings, bank statements, salary slips (for employed applicants).

Business Proof

GST registration, business license, or firm registration (for businesses).

Vehicle Documents

Proforma invoice or quotation from the dealer.

Loan Amount

Typically covers 80-100% of the vehicle’s on-road price, depending on the borrower’s profile.

Down Payment

Borrowers may need to pay a margin amount, ranging from 10% to 20% of the vehicle's cost.

Interest Rates

Vary based on the borrower’s profile, vehicle type, and loan amount.

Interest Rate Range

Generally between 8% and 16% per annum.

Fixed vs. Floating Rates

Fixed Rate: The interest remains constant throughout the loan tenure.

Floating Rate: The interest changes with market conditions.

Typically ranges from 3 to 7 years, depending on the vehicle type and borrower’s repayment capacity.

EMI (Equated Monthly Installment)

Standard repayment method.

Flexible Repayment Plans

Tailored for seasonal businesses or transport operators with irregular income.

Part-Payment and Foreclosure

Some lenders allow part-payment or full prepayment without penalties.

Fast Processing

Many lenders offer quick approval, sometimes within 48 hours.

High Loan Amount

Up to 100% financing for certain vehicle types.

Tax Benefits

Business owners can claim tax deductions on interest paid under certain conditions.

Customizable Solutions

Tailored loans for small businesses, fleet operators, and individual transporters.

 Can I get a loan without collateral?

Yes, for new vehicles, the vehicle itself often serves as collateral. For used vehicles, additional security may be required.

 Can I apply for a loan with a low credit score?

A low credit score may still get approved but could result in higher interest rates. Having a co-applicant can help.

 Is insurance mandatory for a commercial vehicle loan?

Yes, lenders usually require comprehensive insurance for the duration of the loan.

 Can I finance a used vehicle?

Yes, many lenders offer loans for pre-owned vehicles, but the interest rates may be higher, and the tenure may be shorter.