Most of the bank offer Commercial vehicle loan to purchase vehicle, machines to meet business transportation and equipment needs. Because bank consider these kind of small business loans as secured loan by hypothecation of the machinery or commercial vehicle which is financed.Till the end of the loan tenure bank hold machinery papers with them.Disadvantage of Commercial vehicle loan Applicant cannot sell his Commercial vehicle till vehicle loan account has nil outstanding. Owner can sell his commercial vehicle after getting no objection certificate from the bank .
Why Commercial vehicle loan easily accessible?
Bank for this kind of commercial vehicle loan generally funds up to 90% and rest amount is paid by the borrower. Commercial vehicle loan may be for new vehicles, finance on used commercial vehicles or equipment.Special feature of these Commercial vehicle loan is bank directly make payment to the dealer or manufacturer instead of paying the borrower. Most of the bank now days tied up up with renowned manufacturers present in the market which further smoothen Commercial vehicle loan for the applicant.
What kind of Commercial vehicle loan customer opt for?
Factor play important role for commercial vehicle loan interest rate
1)Number of commercial vehicles Applicant owned
2) Monthly rental income of the applicant from commercial vehicles
3) Track record of the repayment of vehicle loan if any loan running currently.
Feature of Commercial Vehicles loan
- Fast Commercial Vehicles loan processing
- flexi loan emi
- FlexibleVehicles loan tenure 12 – 60 months
- Affordable Commercial Vehicles loan interest rates
- Vehicles loan can be Customised as per applicant needs
In some cases bank provide zero down payment commercial vehicle loans to the borrower who has a good banking transection, healthy financial condition of the company.
Customer who is eligible for commercial vehicle loans
Partnership business, Hindu undivided family ,self employed, professional, Pvt.Ltd companies
Types of commercial vehicle on which borrower can apply
Types of commercial vehicle came under commercial vehicle loan :-Commercial car, tippers, heavy commercial vehicle, light commercial vehicle, bus ,truck. Apart from these bank also offered bank loan for pre-owned vehicles.
how long it will take to get approved Commercial vehicle loan :
In normal case bank takes 7 to 10 days to sanction commercial vehicle loan loan. But case to case it vary because bank has to scrunize the borrower line of business , banking transection, cibil score, funding location, business stability. Generally bank directly disburse the loan amount to the vehicle company from where applicant wants To buy their Commercial vehicle loan