Commercial vehicle loans are those given to borrowers to purchase commercial vehicles  - trucks, buses, tippers, and light commercial vehicles for commercial or business purposes. You can avail of loans for both new and used commercial vehicles. 

Features of Commercial Vehicles

  • Various loan providers offer the facility for commercial vehicle loans.
  • This loan is typically given to self-employed individuals, organizations, firms, trusts, and so on. 
  • The list of vehicles that can be purchased using commercial vehicle loans is: 
    • Small and light commercial vehicles
    • Intermediate commercial vehicles
    • Buses
    • Trailers
    • Medium and heavy commercial vehicles
    • Customized commercial vehicles
  • Documentation, approval, and processing of commercial loans are fast and simple. 
  • The loan amount is disbursed within 7 days post documentation
  • Most banks offer commercial vehicle loans without any security

How To Apply For Commercial Vehicle Loans? 

You can apply for commercial vehicle loans through the following methods: 

  • Offline: You have to visit the branch of the respective bank
  • Online: you can visit the website of the respective bank

Here are the steps to apply for a commercial vehicle loan: 

  • Collect and complete the application form with all the valid information.
  • If you already do not have an account, you will be required to complete the KYC process
  • For the online process, you can do the e-KYC
  • Submit all the required documents
  • Once the application has been filled, verification will be done
  • Post verification, if everything is fine, the application will be approved.
  • The loan amount will be disbursed within 7 days

Benefits of Commercial Vehicle Loans

  • Used commercial vehicles come with a lower price tag
  • You can get up to 90% of the funding for the used vehicle as a loan 
  • Loans are available for old vehicles up to 15 years old.