InvestorQ : 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?
krithika Saxena made post

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?

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Aastha Awasthi answered.
3 years ago
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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

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