InvestorQ : Who can get a commercial vehicle loan in India?
Sadaf Khan made post

Who can get a commercial vehicle loan in India?

Suresh Patil answered.
3 years ago

Lenders such as banks and NBFCs offer commercial car loans to a broad array of customers to meet their business needs.

This means that a commercial vehicle loan can be availed by various segments of customers having diverse profiles.

The different types of customers who can avail a commercial vehicle loan:

- Individuals

- First-time users and buyers

- Small, medium and large-sized fleet owners

- Proprietorship firms and partnership firms

- Public limited and private limited companies

- Trusts and societies

- Schools and colleges

- Captive customers and transporters

However, it is not only businesspeople or entrepreneurs who can apply for a commercial vehicle loan. Salaried and self-employed individuals, too, can co-apply for a commercial vehicle loan with blood relatives or family members. On the other hand, the partners in partnership firms and the directors in private limited companies can jointly apply for this loan. Do note that lenders sometimes do offer special schemes for first-time buyers and fleet operators/owners to encourage them to take a loan.