In varied businesses, business owners feel the need of having a vehicle to help boost sales and drive overall growth in the venture. While a car is seen as a private vehicle, the ownership of a commercial vehicle ads a sense of scale to the business. Thus, most businesspeople tend to purchase a commercial vehicle based on his/her requirement a few months after starting a business.
Commercial vehicle loan is the most preferred option for borrowers who intend to buy their first commercial vehicle or plan to add a new vehicle to their existing fleet of commercial cars due to the variety of benefits that a commercial vehicle loan offers.
A few benefits of taking a commercial vehicle loan are:
- Flexible repayment tenure- Usually, the repayment tenure offered in commercial vehicle loan is up to 5 years. This ensures low EMI amount to borrowers, thereby enabling them to pay off the equated monthly instalments (EMIs) without any undue financial burden.
- Multiple vehicle financing- Whether you are an individual borrower or a fleet owner, you can get finance for a variety of vehicles such as tippers, trucks, buses, trailers, tankers, and other small and light commercial vehicles to grow your business.
- Easy processing- The process of applying for a commercial vehicle loan is easy, fast and convenient. After the submission of all the required documents, banks usually take 4-5 days to process a new or used vehicle loan application.
- Simple documentation- Commercial vehicle loans come with a hassle-free and quick documentation process. Users can easily upload all the mandated documents online without visiting the bank directly.
- No credit-score compulsion- Unlikely other loans, commercial vehicle loans don’t require any existing credit score. Borrowers having low or even zero credit score can avail a commercial vehicle loan with ease.
- Caters to multiple needs: The loan schemes are designed to cater to borrowers’ diverse requirements including new and used vehicle financing, top up on existing loan and refinancing of loans/vehicles for working capital.
- Customised solutions: In order to meet the specific requirements of the customers, every commercial vehicle loan scheme is customised according to the vehicle type, loan duration and financial ability of each individual borrower.
In varied businesses, business owners feel the need of having a vehicle to help boost sales and drive overall growth in the venture. While a car is seen as a private vehicle, the ownership of a commercial vehicle ads a sense of scale to the business. Thus, most businesspeople tend to purchase a commercial vehicle based on his/her requirement a few months after starting a business.
Commercial vehicle loan is the most preferred option for borrowers who intend to buy their first commercial vehicle or plan to add a new vehicle to their existing fleet of commercial cars due to the variety of benefits that a commercial vehicle loan offers.
A few benefits of taking a commercial vehicle loan are:
- Flexible repayment tenure- Usually, the repayment tenure offered in commercial vehicle loan is up to 5 years. This ensures low EMI amount to borrowers, thereby enabling them to pay off the equated monthly instalments (EMIs) without any undue financial burden.
- Multiple vehicle financing- Whether you are an individual borrower or a fleet owner, you can get finance for a variety of vehicles such as tippers, trucks, buses, trailers, tankers, and other small and light commercial vehicles to grow your business.
- Easy processing- The process of applying for a commercial vehicle loan is easy, fast and convenient. After the submission of all the required documents, banks usually take 4-5 days to process a new or used vehicle loan application.
- Simple documentation- Commercial vehicle loans come with a hassle-free and quick documentation process. Users can easily upload all the mandated documents online without visiting the bank directly.
- No credit-score compulsion- Unlikely other loans, commercial vehicle loans don’t require any existing credit score. Borrowers having low or even zero credit score can avail a commercial vehicle loan with ease.
- Caters to multiple needs: The loan schemes are designed to cater to borrowers’ diverse requirements including new and used vehicle financing, top up on existing loan and refinancing of loans/vehicles for working capital.
- Customised solutions: In order to meet the specific requirements of the customers, every commercial vehicle loan scheme is customised according to the vehicle type, loan duration and financial ability of each individual borrower.