{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/manage-your-finance\/how-do-you-finance-a-commercial-vehicle\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/manage-your-finance\/how-do-you-finance-a-commercial-vehicle\/","headline":"How do you finance a Commercial Vehicle?","name":"How do you finance a Commercial Vehicle?","description":"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...","datePublished":"2022-09-19","dateModified":"2022-12-19","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/#Person","name":"IndusInd Bank","url":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/commercial.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/commercial.png","height":400,"width":1060},"url":"https:\/\/www.indusind.com\/iblogs\/manage-your-finance\/how-do-you-finance-a-commercial-vehicle\/","about":["Manage your Finance"],"wordCount":810,"keywords":["Commercial Vehicle Loan"],"articleBody":"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\u2019s 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\u2019s 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\u2019s reputation, repayment schedules, etc.Check your eligibilityFill the application form online or offline and provide your personal and business\u2019s detailsFurnish the required documentsWait for the lender\u2019s evaluationOnce the loan is approved, wait for the loan disbursal process to completeTo start your commercial vehicle loan application process with IndusInd Bank, click here.Eligibility CriteriaThe 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 individualsAge: 21 years to 60 yearsEmployment status: Minimum 1 year in current employment for salaried individuals and minimum 3 years of experience in business for self-employed individualsDocuments RequiredKYC Documents including your Photo ID, Address proof, Date of Birth proof, and Signature proofIncome proof including your latest tax returns, balance sheet for the previous financial year, and past 3 months\u2019 bank statementsOwned residence proofCommercial driving licenseBottom LineNow 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\u2019s 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.Share This:"}