InvestorQ : What are the different modes of repaying one’s commercial vehicle loan?
vani Patil made post

What are the different modes of repaying one’s commercial vehicle loan?

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Radhika Arya answered.
3 years ago
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A commercial vehicle loan is like other loans and only differs in the purpose for the loan. As the name suggests, a commercial vehicle loan is taken for financing the purchase of a commercial vehicle.

Just like with other loans, one can repay the loan by depositing post-dated cheques (PDCs). Let’s say you are an ICICI Bank account holder, then you can opt for direct debit (by giving standing instructions to the bank) of your savings account.

You can also use electronic clearing service (ECS) debit mandate, which is yet other mode of repayment by which your bank account gets debited for the loan repayment on a specific date in a month.

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