What are the processing charges on commercial vehicle loans?
Answer
Answer
Most of the charges levied on commercial vehicle loans are similar to charges levied on other loans.
The charges levied on commercial vehicle loans include processing fee, stamp duty and vehicle valuation charges. The processing fee depends on the loan amount and usually ranges from 2%-4%. Do note that the processing fee is non-refundable.
Stamp duty is normally 2% for a loan amount of Rs. 5 lakh, 3% over Rs. 5 lakh and 4% beyond Rs. 10 lakh.