Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
How do you finance a Commercial Vehicle?
Posted on Monday, September 19th, 2022 | By IndusInd Bank
Having a commercial vehicle can add a lot of value to businesses. From mining instruments including excavators, and bull dozers among others, to material handling equipments including cranes, and trucks, among others commercial vehicles are vital for businesses to operate with ease. But commercial vehicles whether new or used are expensive, which is why some sort of financial assistance is necessary. In such situations, a commercial vehicle loan can be of great help. Opting for a commercial vehicle loan enables you to enjoy a number of benefits such as flexible repayment tenures, low down payments, the ability to finance a whole fleet of commercial vehicles, and more.
So, let’s explore how businesses can avail a commercial vehicle loan for their businesses.
How to apply for a commercial vehicle loan?
Applying for a commercial vehicle loan is easy, thanks to the online application process offered by several banks. One can initiate the application process digitally and can have the money disbursed to their account in no time at all. IndusInd Bank offers commercial vehicle loans for both new and used vehicles that can be disbursed within 48 hours.
Here’s how you can apply for a commercial vehicle loan online.
- Visit IndusInd Banks and get all the information related to the interest rate offered, lender’s reputation, repayment schedules, etc.
- Check your eligibility
- Fill the application form online or offline and provide your personal and business’s details
- Furnish the required documents
- Wait for the lender’s evaluation
- Once the loan is approved, wait for the loan disbursal process to complete
To start your commercial vehicle loan application process with IndusInd Bank, click here.
Eligibility Criteria
The eligibility criterion to apply for a commercial vehicle loan differs among banks. With IndusInd Bank, you will need the following to be eligible to get a commercial vehicle loan:
- Income criteria: Minimum income of Rs. 1.2 lakh per annum for salaried individuals and that of Rs. 1 lakh per annum for self-employed individuals
- Age: 21 years to 60 years
- Employment status: Minimum 1 year in current employment for salaried individuals and minimum 3 years of experience in business for self-employed individuals
Documents Required
- KYC Documents including your Photo ID, Address proof, Date of Birth proof, and Signature proof
- Income proof including your latest tax returns, balance sheet for the previous financial year, and past 3 months’ bank statements
- Owned residence proof
- Commercial driving license
Bottom Line
Now you are all set to go ahead and apply for a commercial loan and expand your business.
With IndusInd Bank, you can apply for a commercial vehicle loan for both new and used comerical vehicles at some of the most attractive interest rates in the market. You also get an array of other features including quick disbursals within 48 hours and funding for up-to 80% of the vehicle’s on-road price. To apply for a commercial vehicle loan today, click here.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
