What are the benefits of taking a commercial vehicle loan?
Answer
Answer
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.