The eligibility criteria for a commercial vehicle loan differs based on the type of commercial vehicle you are purchasing. So, the eligibility criteria for a new commercial vehicle will be different from the eligibility criteria for a used commercial vehicle.

Here are the eligibility criteria for taking a commercial vehicle loan for a brand new commercial vehicle:

- The applicant’s age should be above 24 years during loan commencement and within 65 years at the time of loan maturity.

- Salaried borrowers should have more than two years of employment stability and self-employed individuals must have at least two years of business experience.

- Private/Limited companies, partnership firms, trusts, societies and associations must be in existence for minimum two years.

- Fleet operators and other existing vehicle owners require to have 1- 3 years of vehicle ownership proof of one or two commercial vehicles.

- Private/Limited companies, partnership firms, trusts & societies; companies need to provide two years of audited financials.

- Internal/external guarantor needed sometimes in case of individuals, first-time buyers and fleet operators/owners.

- The customers need to have minimum residential stability of two years. *(Borrowers with lower stability are subjected to certain terms and conditions).

Here are the eligibility criteria for taking a commercial vehicle loan for a used or old commercial vehicle:

- Customers need to have relevant experience of 3 - 5 years depending on individual profile.

- Minimum one year of ownership of at least two vehicles.

- At least one year’s repayment track of commercial vehicles

- Construction equipment loan or any other type of loan (up to 50% of a new loan request based on the category of the customer).