Commercial vehicle loans are those given to borrowers to purchase commercial vehicles - trucks, buses, tippers, and light commercial vehicles for commercial or business purposes. You can avail of loans for both new and used commercial vehicles.
Features of Commercial Vehicles
- Various loan providers offer the facility for commercial vehicle loans.
- This loan is typically given to self-employed individuals, organizations, firms, trusts, and so on.
- The list of vehicles that can be purchased using commercial vehicle loans is:
- Small and light commercial vehicles
- Intermediate commercial vehicles
- Medium and heavy commercial vehicles
- Customized commercial vehicles
- Documentation, approval, and processing of commercial loans are fast and simple.
- The loan amount is disbursed within 7 days post documentation
- Most banks offer commercial vehicle loans without any security
How To Apply For Commercial Vehicle Loans?
You can apply for commercial vehicle loans through the following methods:
- Offline: You have to visit the branch of the respective bank
- Online: you can visit the website of the respective bank
Here are the steps to apply for a commercial vehicle loan:
- Collect and complete the application form with all the valid information.
- If you already do not have an account, you will be required to complete the KYC process
- For the online process, you can do the e-KYC
- Submit all the required documents
- Once the application has been filled, verification will be done
- Post verification, if everything is fine, the application will be approved.
- The loan amount will be disbursed within 7 days
Benefits of Commercial Vehicle Loans
- Used commercial vehicles come with a lower price tag
- You can get up to 90% of the funding for the used vehicle as a loan
- Loans are available for old vehicles up to 15 years old.