• Individuals
• First-time users and buyers
• Small, medium , and large-sized fleet owners
• Proprietorship firms and Partnership firms
• Public Limited & Private Limited Companies
• Trusts and societies
• Schools and colleges
• Captive customers and transporters

• You can get a commercial vehicle loan at a low interest if your profile matches with the criteria put forward by the lenders.
• The processing time of a commercial vehicle loan is fast with easy documentation and approval.
• Most of the prominent banks in India provide commercial vehicle loans at an affordable rate of interest without any security.
• Some of the banks assign a personal relationship manager from starting till the procurement of the vehicle. He/she will do all documentation and address every issue related to the loan.
• Once all required documents are submitted, it takes around 7 days for the disbursal of the loan amount.

• Flexible repayment tenure: Usually, the repayment tenure offered in a commercial car loan is up to 5 years. This ensures low EMI amount to the borrowers enabling them to pay off the EMIs without any undue financial burden.

• Multiple vehicle financing: Whether you are an individual borrower or a fleet owner, you can get finance for a variety of vehicles such as tippers, trucks, buses, trailers, tankers, and other small and light commercial vehicles to grow your business.

• Easy processing: The process of applying for a commercial vehicle loan is easy, fast , and convenient. After the submission of all the required documents, banks usually take 4-5 days to process a new or used vehicle loan application.

• Simple documentation: Commercial vehicle loans come with a hassle-free and quick documentation process. The users can easily upload all the mandated documents online without visiting the bank directly.

• No credit-score compulsion: Unlikely other loans, commercial vehicle loans don’t require any existing credit scores. Borrowers having low or even zero credit score can avail a commercial vehicle loan with ease.

• Caters to multiple needs: The loan schemes are designed to cater to the borrowers’ diverse requirements including new and used vehicle financing, top up on existing loan , and refinancing of loans/vehicles for working capital.

• Customized solutions: To meet the specific requirements of the customers, every commercial vehicle loan scheme is customized according to the vehicle type, loan duration , and financial ability of each borrower..

• New commercial vehicle loan

• Old commercial vehicle loan

• Commercial vehicle refinancing

• Application process- At first, the borrower needs to fill up an application form online, then furnish all the necessary documents and finally provide the details of the personal guarantor if required.
• Loan approval- The bank will run a check to verify the documents and borrower’s eligibility. If the borrower is found to be eligible, the loan will be approved within 2 to 5 working days from the time of documentation.
• Processing charges- Banks ask for a minimum non-refundable amount for processing a commercial vehicle loan. This amount depends on the amount of the loan applied for and generally ranges from 2% to 4% of the loan amount.
• Loan Amount/Margin- The maximum loan amount for commercial vehicles varies from customer to customer based on their profile. A borrower can get up funding of up to 100% of the vehicle’s chassis.
• Repayment tenure- The repayment tenure for a commercial vehicle loan usually starts from 6 months and goes up to 60 months (5 years). The borrower is allowed to repay the amount in easy monthly EMIs.
• Security/collateral- While certain banks offer loans for commercial vehicles without any security or guarantor, some require a guarantor or co-applicant depending on the borrower’s profile and the product.
• Pre-payment of the loan- The borrowers can prepay the loan after 6 months of availing it by paying a pre-payment fee of up to 5% of the remaining loan amount. However, part pre-payment of the loan is usually not allowed.

• Salaried borrowers should have more than 2 years of employment stability and self-employed individuals must have at least 2 years of business experience.
• Private/Limited companies, partnership firms, trusts, societies , and associations must be in existence for a minimum of 2 years.
• Fleet operators and other existing vehicle owners require to have 1 to 3 years of vehicle ownership proof of one or two commercial vehicles.
• Private/Limited companies, partnership firms, trusts & societies Companies need to provide 2 years of audited financials.
• Internal/external guarantor needed sometimes in case of individuals, first-time buyers , and fleet operators/owners.
• The customers need to have minimum residential stability of 2 years.

• Borrowers applying for a commercial car loan for old vehicles need to fulfill the following criteria along with the basic ones.
• Customers need to have relevant experience of 3 to 5 years depending on an individual profile.
• Minimum 1 year of ownership of at least 2 vehicles.
• At least 1 year repayment track of commercial vehicles.

• Any individual/partnership firm/company with more than two years of business experience.
• The Existing owner of at least two commercial vehicles.
• Captive customers and transporters.

• Self-employed individuals, sole proprietorships, partnership firms, limited liability partnership, companies, educational Societies & Private trusts.
• Transport Operators, Manufacturers, Distributors/Traders, Educational Institutions, Commission agents, Freight Booking Companies , and First time users.

• Duly filled the application form
• 2 passport-size photographs
• A cheque for processing fee

• Age proof:
  Aadhaar Card/PAN Card/Voter’s ID card/Driving License/Passport (Anyone)Identity proof- Aadhaar Card/Voter’s ID card/Driving License/Passport (Anyone)

• Residence proof:
  Rental agreement/Voter’s ID Card/Passport/Ration card/Tel bill or Elec. Bill/Trade License/ Sales Tax Certificate (Any one)

• Signature verification proof:
  Driving License/PAN Card/Registered Sale Deed/Govt. ID Card (For Govt. employees) (Anyone)

• Last 3 months Salary Slips

• Latest 6 months bank statement

• Form No.16

• Updated the ITR for last 2 years

• Photocopy of official ID

• Valid documents to prove relevant experience (In the case of first-time buyers)

• Existing vehicle ownership proof

• Vehicle details & valuation report

• Insurance and RC copy of the vehicle

• Fleet list details (In case of small, medium, and large fleet operators/owners)

• Trade references (In case of first-time buyers, fleet operators/owners & experienced borrowers)

• Property ownership proof (In case of farmers)

• Proprietorship declaration, partnership deed, (MOA/AOA), board resolution & 2 years audited financials (In case of Private/Limited companies, partnership firms, trusts & societies)

• KYC & Residence Stability
• Two years income tax returns with computation of income, audited balance sheets and profit & loss account
• List of owned vehicles along with the copies of RC books
• Six months bank statement
• Repayment records (if any)

the checklist is for indicative purposes only. Other documents may be needed as per individual requirements.