Can you give me an idea of who is eligible for a commercial vehicle loan and other similar details to do with commercial vehicle loans?
Answer
Answer
You can find most of the important details on commercial vehicle loans in the table below.
Please do note that the charges and fees banks and non-banking finance companies (NBFCs) levy varies from one organisation to another.
Particulars
Details
Eligible customers
Individuals, proprietorships, companies, partnership firms, trusts and societies
Eligible vehicles
Buses, trucks, tippers, trailers, tankers and other light & small commercial vehicles
Age limit
Minimum- 24 Maximum- 65
Quantum
Minimum- Rs.1 lakh Maximum- Rs.5 crore
Margin
Up to 100% of the chassis
Security
Hypothecated vehicle/Guarantor
Approval duration
2 to 5 days depending on customer’s profile
Interest rate
10% per annum to 15% per annum
Processing fee
2%-4% of the loan amount
Insurance
Comprehensive insurance at borrower’s cost for entire loan tenure
Repayment period
2-5 years
Prepayment
Any time after 6 months with up to 5% of the outstanding amount