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Commercial Vehical Finance


Check your Commercial Vehical Finance Eligibility

  Loan amount you need?

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  Rate of Interest

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  What is your gross monthly salary?

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  What is your annual bonus incentives?

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  What is your rental income(monthly)?

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  Loan amount you need?

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  Profit Before Tax (Latest Year) ?

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  Depreciation (Latest Year) ?

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  Interest Paid to Bank (Latest Year) ?

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  Director Salary or Partners Salary(Monthly) ?

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  What is your annual turnover?

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  What is your Gross Profit?

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  What is your rental income(monthly)?

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  Total Existing EMIs on all loans (Monthly)?

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  Total Monthly Interest Paid to bank in CCOD Limit ?

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  Loan amount you need?

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  Rate of Interest

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  Tenure

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  What is your annual receipt?

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  What is your rental income(monthly)?

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  Total Existing EMIs on all loans (Monthly)?

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  Total Monthly Interest Paid to bank in CCOD Limit ?

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Commercial Vehicle Loan is given to Individauls, self-employed, trust, organisation etc. for small to heavy vehicle for commercial or business purposes. Most of the prominent banks offer commercial vehicle loan on easy EMI that can be monthly, quarterly or yearly.


Eligibility For Commercial Vehical Finance

• Eligible customers:- Individuals, Proprietorships, Partnership firms, Companies.
• Eligible vehicles:- Buses, trucks, tippers, trailers, tankers and other light & small commercial vehicles.
• Loan Amount:- Upto 5 Cr.
• Security:- Hypothecated vehicle/Guarantor.
• Interest Rates:- 10% - 16% .
• Tenure:- Upto 5 Years.

Documents Required For Commercial Vehical Finance

Self Employed

  • Filled Application form
  • Applicant & Co-Applicant KYC : Pan Card, Aadhar Card, Driving License, Passport, Residence Electricity Bill of Promoter/ Partners/ Directors.
  • Proof of Business: PAN for Partnership & Pvt Ltd, Partnership Deed in Case Of Partnership Firms, MOA & AOA with Incorporation Certificate for Pvt Ltd Firm, Shop Act Licence, UAN Certificate, GST Certificate, VAT Certificate, TIN Certificate.
  • Proof of Income: IT Returns with Computation of Income , Balance Sheet with Audit Report for last 3 years along certified by CA.
  • Banking: Last 12-months bank statement for operative account both professional and business.
  • Previous Loan Sanction Letters and 1 Year GSTR3B Challans.

Banks Name Interest rate Processing fees
Mahindra Finance MCLR Rate + Applicable Bank Rates 1%  + GST
Sundram Finance MCLR Rate + Applicable Bank Rates 1%  + GST
Magma Fincorp MCLR Rate + Applicable Bank Rates 1%  + GST
HeroFincorp 10.50% 1%  + GST
HDFC Bank Ltd 9.50% 1%  + GST
ICICI Bank Ltd 10% 1%  + GST